Referral marketing is a special way a company uses to encourage its current customers to tell their family, friends, and acquaintances about the company's products or services. Unlike regular word-of-mouth, where the company has no control over what customers say or how it spreads, referral marketing actually rewards customers for spreading the word. It's not like multi-level marketing where the original customer gets rewarded for bringing in more customers. Instead, referral marketing only rewards the person who brings in the first new customer. Overview Referral marketing is a strategy used by many businesses to expand their customer base. In the past, it mainly involved people talking to their friends and family about a product or service. Nowadays, it has become more widespread thanks to social media and the internet. This means that referrals can reach a much larger audience. Companies like PayPal, Dropbox, and Airbnb have experienced significant growth by using...
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