The use of customer reference marketing based on digital media such as web-page, social network service, and mobile channel to facilitate marketing and sales in business to business markets has received growing interest among practitioners and academics. Customer reference marketing can be considered part of customer-based assets, which are accumulated through the relationships the firm has built with its customers and are often regarded as the most important type of marketing assets. Although studies have highlighted the effectiveness of digital-based customer reference in reducing the potential buyer’s risk and increasing the supplier’s firm value, the existing research remains unclear about how firms are actually leveraging digital based customer reference as marketing assets. Accordingly, the purpose of this research is to identify and analyze the effectiveness of digital-based customer reference marketing and to explore the ways in which digital-based customer reference marketing can be leveraged as marketing assets. To test the hypotheses, qualitative data of 10 in-depth interviews and 141 responses from the managers implementing the digital-based customer reference marketing were obtained. The proposed model was estimated using structural equation modeling. The results of this research suggest that digital-based customer reference marketing is positively related to market-based leverage and resource-based leverage. Also, market-based leverage and resource-based leverage are positively related to the firm’s performance. In addition, we found a positive moderating effect of market turbulence between digital-based customer reference marketing and market-based leverage. The theoretical and practical implications of the results and limitation of the research are discussed together with future research directions.