If you’re familiar with the concept of the car test, you know that your final product doesn’t always sound the way you’d like it to on different speakers, while a reference does.
A reference track's dynamic range and sonic character can be used to communicate the sound you’re aiming for in your mix or master. It is used to compare the dynamic range and character of your song to songs of a similar genre and style to your desired sound.
Track referencing can be very beneficial during the production, mixing, and mastering stages of your work.