While joint ventures and referral marketing are used interchangeably, there are some underlying differences between the two models.
A joint venture working with non-competing businesses with similar customers to help grow each other’s companies. For example, a real estate agent could enter a joint venture with a property stylist where they can generate more leads by supporting each other.
Referral marketing involves working with stakeholders who can refer leads in exchange for a commission regardless of how they get sales. For instance, your very own customers could become referral partners providing that they can send leads through their network.