Loyalty programs good, but customer service must lead

To ensure they thrive in a struggling market, companies everywhere are experimenting with a whirlwind of loyalty programs that allow them to track and gather feedback from existing and new customers. As these companies figure out what works best, observers such as Matthew Keylock — recognized as an industry leader in building winning customer strategies — weigh in on the debate.

When it’s time to grow a business, Keylock, senior vice president of new business development and partnerships at dunnhumbyUSA, suggests a word-of-mouth campaign through those loyal customers. “I generally grow my circle of friends through my existing ones, and in most cases this should be the same in business, but many companies and brands spend their time and effort chasing new customers,” he said.