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referral refers to the process of directing someone to another company's product or service, often incentivized by a reward system for both the referrer and referee.
Example: A digital marketing agency partners with a web hosting company. The agency refers its clients to the hosting company for their website needs. In return, the hosting company provides the agency with discounts or commissions for every client successfully referred. This partnership allows both businesses to benefit from each other's clientele without directly competing, enhancing their service offerings and creating additional revenue streams.
Understanding referral helps businesses leverage existing relationships to grow their customer base, enhance their product or service offerings through strategic partnerships, and improve their market positioning with a cost-effective marketing strategy.
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