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> A 4% signup rate actually signifies really well targeted emails.

You're spamming 25 people to get one sign up? That sounds terrible.

Well if you send an email to 25 people and 1 one of them actually takes time to read it, click and fill out a signup form, chances are pretty high that more of the other 24 somewhat liked it. Most likely 20 of them didn't even bother to open the email.

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