Optimizing Cold Email Outreach

ABOUT THE EXPERT

Elyse Savaki is a B2B Direct Response and Cold Email Expert whose persona-based outbound campaigns have booked thousands of meetings with decision makers at startups, SMBs, and international organizations. In this guide, she lays out a sample sequence, explains how outbound sellers can leverage tried-and-true direct response formulas, and walks through the tech that makes automated outreach easier.

Table of Contents

Why invest in tuning email sequences and copy?

Better-qualified leads – this is especially important if you don’t have SDRs whose role it is to qualify your leads. The right copy lets your email sequencing qualify prospects initially and saves you time, since you don’t have to do as much of the filtering yourself. 

Better yield from your lists – no matter how you build your prospect list, it costs time and resources to do that. The better your sequences perform, the better yield you’re getting from that list, which is exceptionally important. If you’re buying from one of the more expensive data sources like (e.g ZoomInfo) you don’t want to just burn your data budget.

What types of touchpoints might you include in an outreach campaign?

Email – use variations to break up the monotony.

  • Video – some people personalize them, shooting a different video for each prospect. You don’t necessarily have to do that, but instead of having a “generic” video, have a video that speaks to a persona or job role. 
  • Graphic representations – e.g. Venn diagrams, visual representations of how it works, a screenshot. The representation usually shows how the solution solves the prospect’s problem. 
  • GIFs – knowing the persona you’re sending it to is extremely important here. 

LinkedIn – I tend to send connection requests in the middle of an email sequence. I don’t use a lot of InMail, instead, most of the time when I’m sequencing something, it’s dependent upon the connection request being accepted. However, you could use InMail if you have the credits.

Phone – you usually get a voicemail when you call, so when I’m doing sequencing, I don’t do call scripting, but I’ll add voicemail notes. 

Note to founders who sell – you might write sequences without a phone touchpoint if you’re too busy to consistently schedule phone calls, or if you have bad phone number data.

How many touchpoints should you have in an outreach campaign?

At least 7-8 to get you better conversion results – it’s not as many touchpoints as you think. The expectation is that your prospects won’t read every one. So each needs to read like a standalone email — not a typical “drip sequence.” 

A startup might not have as many testimonials or case studies, and might have fewer emails in the sequence – but you can still gather enough information to send seven emails. We’ve seen prospects finally start to reply around the seventh email a lot of the time — not because the rest of the sequence wasn’t compelling enough… But because we finally got them at the right time.

Up to 12 touchpoints if you’re more sophisticated and/or using more channels – if I’m doing LinkedIn and phone touchpoints as well across the sequence, then it might have up to 12 touchpoints to it.

Just make sure you actually add value – one of my favorite ways to “add value” is highlighting an industry problem and offering an actual solution to it. You’d be surprised how many times people don’t know that there’s a solution to this problem that they’re trying to solve. 

In terms of metrics, what does a successful campaign look like?

Note about metrics tracking in cold email: There’s been a lot of backlash against this recently, because it can impact deliverability. It’s critical that you have a custom tracking domain setup (and that your outreach tool supports this). That said, as a copywriter, the kind of information that opens/clicks/replies/meetings each give me is really helpful to short-cutting the optimization process.  Otherwise, it’s like throwing spaghetti at the wall to see what sticks.

Key stats:

Open rates between 40-50% across the sequence:

  • If open rates are low, first, check your bounce rate…
  • Then your deliverability – before you start sending campaigns, make sure that you’ve dotted all your i’s and cross all your t’s for deliverability. I recommend that my clients work with a deliverability expert on that because it gets really technically involved.
  • Next check your subject line, story, and targeting – if you have a good deliverability system, but people aren’t opening your emails, check your subject lines and opening lines first.
    • If your subject lines are specific to the topic at hand, then there’s something about that topic that isn’t resonating with the recipients. You could try broadening them out.
    • Example: Acme’s CRM → 
      • End of quarter reporting
      • percent to goal Q2
      • Acme’s sales team
  • If they look too simple and too general – oftentimes, that’s a good thing – Catch them with the concept, topic, or symptom first – then go for the specifics. Often people don’t realize what their specific problem is or what the specific solutions can be.
  • If you’re noticing good open rates on the first email, and then they drop off on the rest of the sequence, it leaves you with two options: It’s the right story, and it’s going to the wrong people, or it’s the wrong story and the “right” people don’t care.

Click rates between 5-10%:

  • Like all the tracking, there’s a tradeoff… – but when it comes to fine-tuning the message, I think having click tracking on any emails that have links in them (ex: standard signature/website link) is really helpful. Click rates can be a good indicator of whether the message is engaging, and where the failure point is, if your sequence isn’t performing up to par. 
  • If click rates are low, your copy isn’t resonating – if your open rates are good, and your click rates are really low, then typically it means your message wasn’t that interesting. You weren’t hitting the right storylines, pain points, or things your prospects care about — even if they SHOULD. It may be that you did a huge feature dump in the body of the email, and they’re thinking, “I don’t care. How is this relevant to me?”
  • If click rates are high but conversion is low, check your website and/or landing pages – if you’re tracking click rate, maybe you see that 10 to 15% of people are clicking through on the email, they’re going to the website, and still ghosting you. That tells you that they were hooked by what was in your email, they went to learn more, and they’re not finding what they’re looking for. I see this happen often with startups who don’t have a lot of content on their website yet and they don’t have industry-specific landing pages.
  • You can follow up with people who clicked through but didn’t convert – and ask what they were looking for that you didn’t have for them. This gives you an idea of engagement instead of flying blind and allows you to see areas for improvement.

Note on click rate tracking and deliverability: be careful that your click rate tracking doesn’t negatively impact your deliverability. This is why having a tool that supports custom tracking domains is so critical. Some tools track click rates in a way that changes the link to match their tracking systems, and links that don’t match the sending domain can be marked as spam (especially by aggressive internal mail filtering systems).

Response rates between 10-15% of your opens (4-8% of emails sent) – with any email campaign, you’ll get positive, negative, and neutral responses. Positive responses (requests for more info, meeting requests, referrals) should make up 25-50% of those responses. That equals about 1-4% of emails sent. The smaller the list you’re working with, the closer to the top end of those ranges you’ll want to be.

Meeting conversion rates of 1-2%+ (sometimes much higher with highly targeted lists) – 1-2% is the general stat across the industry for any form of marketing to cold traffic. The reality is that only a certain part of the market is in a buying position at any given time — and you can’t always know who they are or when they’re in that cycle.

You can increase your meeting rate by further targeting your list by buying signals, open roles, engagement on specific topics on LinkedIn, etc. – specialized data tools can help with some of this, other times, you need to build a custom or manual process to identify prospects based on problems/intent/etc. I’ve seen highly targeted campaigns bring in a meeting conversion rate of 30%.


What might a sample campaign look like?

Here’s a sample campaign – it takes place over 33 business days (7 weeks) with 8 email/LinkedIn touches. It’s aimed at Revenue Leaders at SMBs, and could easily be modified to include personalization in the opening lines. The format is versatile enough for just about any industry.

Email 1 – A few key components of this sample email:

  • A question to help define relevance – How are they equipping their reps with sales intel right now? Do they have a good system for that? Is there room for improvement? If they’re not super happy, then there’s reason to keep reading as we go into why we’re reaching out.
  • Social proof to establish credibility – in this case, that the seller is working with some well-known orgs already.
  • Soft CTA – we’re not trying to pitch them hard on a meeting. It’s, “do you think there’s something to look at here?”

Wait 3 days

Email 2 – bump email (threaded) – this is a reply to the previous email, intended to bring that thoughtful email to the top of their inbox. This is the email where some people just say “Thoughts?”, but I prefer to do a little more to make sure that I have value in each of the emails. 

Never send something like “I was just bumping this to the top of your inbox” – which implies “I think I should be more of a priority than whatever else you have going on”. That rightfully enrages people (or they just ignore it). 

A few key components of this sample email:

  • Reiterate the business problem that makes your solution valuable – they’re really busy, but you have a solution that could solve the business problem that’s making them run around all day.

Wait 6 days

Email 3 – A few key components of this sample email:

  • Call out a problem – use a question that highlights a common problem. 
  • This email uses an industry stat to call out the problem – this does 2 things:
    • Validates something they might have been feeling, but weren’t sure if it was just them
    • Validates the problem is NOT just with them – it’s an industry thing. Which makes it safe to look at solving it (it’s not a personal failure – the industry is failing them)
  • Note about problem-based emails: be careful not to trigger their ego – you need to be careful when highlighting a problem. Implying they’re bad at something, have made bad decisions, or are failing at something typically triggers people’s ego. In this case, the industry stat helps avoid that right out of the gate.
  • A soft CTA that makes it easy to say yes – in this case, “If any of that sounds familiar, would you be open to some ideas?” Pretty non-threatening.

Wait 3 days

LinkedIn Touchpoint – I like to keep these simple, and I prefer to send them after I’ve dropped into their inbox. I’m also not afraid to share the reason I’m reaching out right in a connection request.

→ No bait and switch here. Keep it simple: Tell them why you’re reaching out. Include some relevant credibility. End with a soft, friendly CTA.

Wait 4 days

Email 4 – another question-based email. This one uses a string of scenarios to help establish relevancy and get them thinking about the problem through everyday activities. 

A few key components of this sample email:

  • The questions help define relevance  – If the answer is “they see this in .3 seconds” then they’ve got this covered. If they’re thinking “hmm… open this app, 1 minute here, open this one, scroll, scroll, 3 minutes here… huh, actually, I’m not sure they can see that at all right now…”  it gets them thinking.
  • Impact of the problem – Connect the dots for them! Why do these things matter?
  • Qualification – “If that resonates…” This is also confirming we have a solution if they’re seeing themselves in this. Makes it easy to flow to a soft CTA.

Wait 6 days

Emails 5 & 6 – additional follow-ups. I prefer these once we’ve set the stage with some more context in earlier emails. It’s okay to combine the components here into a single sentence. Line 1 covers Relevancy + Credibility + Solution. Line 2 handles the problem, and the impact of solving it.

At this point in the sequence, we’re doing 2 things:

  1. Continuing to highlight the problem and/or solution from different angles – People think about things different ways, so we want to do our best to have a variety of “angles” in our emails so we can meet them where they’re at.
  2. Catch the people who read an earlier email, but didn’t reply because the timing wasn’t right/they were busy and haven’t had a chance to reply. This is a real thing.

Wait 5 days

Wait 6 days

Email 7 – closeout email. You’d be surprised how many people just have been busy and they saw something interesting, and they just didn’t have time to follow up. I tend to get a lot of positive responses off of the last email that looks like this. 

A few key components of this sample email:

  • Optional phone call – “Hey, I haven’t gotten ahold of you been trying to reach out to you about this.”
  • Avoid the guilt-trip & let them off the hook! – some people put guilt trips here, but how are you going to guilt-trip somebody you don’t even know? Plus, you might try again later.
    Be a little cheeky – “I’ll take you off my list of people I think would love Acme…”

What tools do you use to instrument and automate outreach?

Cold Email Sequencer

 My #1 requirement for a tool is that they let you do custom tracking domains – so you can get analytics without killing your deliverability. Mailshake and Woodpecker have some great tools to help someone just getting started:

  • SalesHandy is pretty economical w/ the basic, required features @ $34/mo 
  • Mailshake gives you some more features (like help writing emails) for $58/mo
  • Woodpecker gives you some extra conditional logic to play with plus in-editor spam checking @ $49/mo
  • QuickMail pioneered many of the deliverability practices mentioned below, have great tools for sales teams, and recently launched a robust-featured Free plan (up to 1,000 prospects/mo). They’re also a great platform to grow with you as your needs scale.

SaaS teams all love Apollo, and they have a lot of great features for SDR teams because they’ve leaned heavily into the prospector side, but I’d suggest confirming that custom domain tracking is available on all plans if they’re of interest. It used to only be available on enterprise, but that info is 23-18 months old. 

  • Their free plan only gives meeting/reply tracking – which may be ok with you, for the select group of prospects & volume you’re talking about. You can’t beat the price.
  • The $49/mo plan gives normal open/click tracking – (as long as they include custom tracking domains, that’s good) — but as far as I can tell, it doesn’t help you spot spam trigger words or write your emails, which can be really helpful

If you’re trying to scale/doing high volume, there’s a couple things you’ll want to add to your outreach tool checklist:

  • Ability to rotate multiple send domains through a campaign (QuickMail pioneered this, SalesHandy is working on this – coming soon; Lemlist does not have this)
  • Ability to send A/B versions or use Spintax (to vary the message, so it isn’t “finger-printed” and sent to Spam) (Woodpecker & Mailshake via A/B; Saleshandy vs true Spintax, and they also have A-Z variants for maximum testability; Lemlist & QuickMail support Spintax)
  • Ability to vary and/or randomize the time between follow-up emails (tools that automatically throttle/reschedule follow-ups based on volume to keep you below your max emails per day threshold will also largely accomplish this) – Woodpecker, QuickMail, & Lemlist  adapt the sending speed and volume of emails b” to support campaign performance.

*Pro-tip* when in doubt, look at what the agencies are using – Because of the volume they do, and the way they often have to approach outreach, the solutions that work well for them almost always have the right tools in place for deliverability on higher-volume campaigns. 

Other things to consider when evaluating cold email sequencers:

  • Do you like that workflow? What about the way you add people to lists? How hard/easy is it? 
  • What does reporting look like? 
  • Can you easily see metrics for every email in a campaign at a glance?
  • Look at how/if it integrates with your CRM. 
  • Some have a built-in prospector, which can be helpful if you’re prospecting individually across named accounts (i.e. you have a list of target companies, just need to find the right contacts). 
  • Some allow you to integrate LinkedIn touches into sequences

Don’t use a marketing email provider – these email send tools are very different from marketing email providers like MailChimp. Don’t use a marketing email provider because it’s against their terms of service, and the subscription rules are opposite in marketing and cold outreach. 

Cold emails should not keep sending to contacts who engage – when we’re sending out broadcast communications, we keep sending (or send more emails) to contacts who engage.  In a cold email, it’s the exact opposite. If somebody replies to your cold email, you do not want to keep sending them your prospecting sequence. So, cold email tools automatically take those people off of the active list.

If you’re small, you can combine data + send tool – e.g. Growbots, Apollo. I love that Growbots makes it easy to pull lists, then go through and you accept all the companies that you want as contacts and hand-proof the list. It sounds time-consuming, but that’s how you get highly relevant lists that get good replies and meeting book rates.  While you’re accepting, you can also adjust the company name, so you don’t call them “Company, Inc.” or something clearly non-human. 

Email Provider

For cold email, ideally use O365, not Gsuite if the goal is to set up a system (vs. occasional, individual outreach) for deliverability reasons. Both use shared IPs, but they do it differently, and O365 is easier to manage.

Data tools 

Data tools help you get names, emails, phone numbers, etc. – e.g. Apollo, Seamless, FindThatLead, a lot of the send tools now have built-in prospectors.  But sometimes you need filters and search tools that don’t come standard.  There’s a whole rabbit hole you can go down piecing a bespoke data solution together to fit your needs (but that’s out of my wheelhouse). 

ExactBuyer is an out-of-the-box option that has unconventional filters and search abilities – for examples, keyword searches on specific website pages and negative keyword filters).

Keyplay Lists (by PeerSignal) is a newer offering that solves a lot of conventional list-building challenges, with user-friendly, real-world prospect industries. (examples: AirBNB is a marketplace, not a travel agency; Bumble & Asana don’t get lumped together as “Computer Software;” hospitals vs telehealth providers)

List/Data Verification

Some cold email tools have this built in:

  • Woodpecker has integration with Bouncer already to check in real time
  • Mailshake gives you 5-10k list-cleaning credits each month
  • Apollo verifies emails in real-time
  • Saleshandy – 2500-25000 email verification credits
  • Lemlist: integrates directly with Bouncer to streamline verification (requires your own Bouncer account)
  • QuickMail has built-in verification

Some options if your send-tool doesn’t have a built-in solution  – or if you want to double verify everything until you’re sure about data quality:

  • ZeroBounce
  • Clearout
  • Bouncer

Tips for data verification: 

  • Only send to addresses with 90+% (or equivalent) certainty of verification
  • Many of the cold email tools that have a “prospector” function do real-time data validation on the emails they help you source.
  • If you’re buying a list from an external data provider, or scraping/sourcing emails independently, you’ll 1000% want to verify them before you hit send. (otherwise, you risk bounced-email hell, and all the deliverability nightmares that go with it).

Inbox Aggregator (Tools to make your life easier)

These mean you can have all your inboxes (and just about every other app you use) in one interface – e.g., Wavebox & Shift. They’re awesome. For cold email, since you want to use a separate send domain for your outreach, these can help keep everything very accessible, if you don’t want to forward all the replies, OOO notices, etc coming to your primary inbox right away. 

I personally like to view outreach responses separately – then reply from my primary email (you can usually setup the “reply from” in your outreach inbox – but you might need to call in a techie to help!), so that my primary inbox doesn’t get cluttered.

Tools to proof your content

You need to do two main things for proofing content: make sure it passes a spam check and make it as readable as possible for the skimmers in the crowd.

Don’t let these tools scare you with their red highlights – Spam checkers don’t understand context, and sometimes, you simply have to use a word. (Like “sales” if you’re reaching out with enablement tech) Same for the readability tools. They’re a guide, and a reminder to ask “is there a simpler way to say this?” If yes, simplify. If not, carry on. 

Here are a couple free and paid options to get you started.

  • Spam Checker (Free) – I use Mail Meteor’s Spam Checker. https://mailmeteor.com/spam-checker It’s a little over-sensitive sometimes. There are times that you cannot remove a word it doesn’t like without sacrificing all clarity in your email. Don’t stress when that’s the case.  What I like:
    • Not having to manually check a list of spam words/phrases (there’s hundreds) 
    • Getting a different perspective on how a message could be construed (this isn’t always accurate… but thinking about it is a good practice)
    • Seeing all the common-as-dirt phrases that trigger its spam alarms forces me to get a teeny bit creative, so my emails don’t sound 1000% the same as everyone else’s (example: “would you be open to…?”)
  • Hemingway App (Free) – For readability, I use Hemingway app to double check me and make sure my emails are concise and as close to a Grade 8-9 reading level as possible. Some people like Grade 5 as a benchmark. In my experience, it really depends who you’re writing to. Tips:
    • Emails about infrastructure tech, biotech & healthcare, and other technical industries often register around Grade 11 or 12… Unless you leave out everything industry-related.
    • If you’re user-friendly SaaS it’s much easier to get that readability score down to the lower “grade levels.” You know your industry – don’t simplify so much that you sound like a complete outsider. 
  • All-in-One Proofer: Lavender (paid) Lavender does a lot of what Hemingway and the Spam Checker do, while also giving you info on tonality, read time, etc. Lavender and I disagree about how long an effective email can be… But it’s a great tool, and it gives suggestions for improving your email as well.  Tips:
    • Like any AI, these can be hit or miss, because it doesn’t actually know your company, industry, or solution…  but they get you thinking!
    • There is a free version, but if you’re writing sequencing, you’ll run out of credits quickly. 
    • Lavender can be really handy for any email where you want to communicate effectively, so the paid version is easily justifiable. 

What do cold-emailers need to know about deliverability and sender reputation? How can you protect your domain?

Don’t send cold emails from your core domain – e.g. if your business’ domain is acme.com, then send the cold email through acmeinc.com. The reason for this is that you want to protect your domain. If you have the best send practices, the chances of you being blacklisted are slim, but it’s still not worth taking a chance. You have to use your domain to send invoicing or client communication, and you don’t want it to be affected by something that went wrong on the cold email side. 

Warm-up your new domain – you don’t want to start by sending out hundreds of emails a day, so you’ll want to either manually or automatically “warm-up” your domain by sending some emails every day.  If you have a very engaged marketing list already, you can use your cold email domain to send emails to your marketing list (if they’re the type of people who open, click and reply, you can warm it up that way). You can also pay somebody to do it manually. They might have an in-house list they can send it to. When you start using the domain, I recommend starting very slow by reaching out to 10-15 prospects a day and then gradually ramping up over the course of a month. 

Set up your domain properly – ensure that your DKM, SPF, and DMARC records are all set up properly. These validate that the emails are coming from a legitimate domain. I recommend working with an expert because this stuff can be pretty technical and it’s worth the peace of mind to have it done correctly out of the gate.

What best practices do you have for subject lines and previews?

Make previews very human or very interesting – I’ll say “hey, I’m reaching out because…” or, “I think you’re the right person to reach out to about this…” The sales pros on LinkedIn might mock those approaches, but they still work. The other tactic is to make the preview engaging right out of the gate with something like a question or an interesting stat — which I also use a lot.

Subject lines should be short (2-5 words) – if you can’t keep it shorter than 5 words, make sure that it’s going to a very targeted list and that you’re communicating something important or engaging. If it has to be a longer subject line, put the important part up first so it won’t be cut off. 

Never be alarming – don’t use things like “we need to talk” or “you missed a meeting”, and don’t lie to them anywhere in your email. Ever. 

What best practices do you have for the body of the email?

Similar to direct response marketing fundamentals – almost all of your emails are going to follow the basic flow of “Problem – Agistation – Solution” (some people know it as AIDA, which stands for attention, interest, desire, and action. They’re basically the same thing.) If you go through any piece of direct response marketing for the last 50 years, you’ll more or less find that formula:

  • Problem – call out the problem. Use an industry stat. E.g. salespeople only spend 35% of their day actually selling.
  • Agitation – why is it a problem? E.g. in the sales example, if they’re only spending 35% of their time in front of prospects, that’s a whole lot of time that they’re not spending driving revenue for your organization, which is essentially what you’re paying them to do. Depending on how targeted your email is, you might be able to put numbers to what the sales team is spending their time doing instead.
  • Solution – then move into how you solve the problem (a solution your product provides).

Use a soft CTA – incorporate “if X, could Y” statements. You bring it around to them again and say, “if this sounds like something that’s happening in your organization, or if getting your reps back on the phone is something that’s appealing to you, could we find time to talk, or could I send you more information?”

Add credibility – why the prospect should care that you’re coming to them — why they should consider giving you some of their time or investigating a solution you have.

Reuse the formula in different ways – with any given solution, there are so many different problems and implications that you can use examples of to make your sequence interesting. 

Last tip: If you’re a founder, tell the story only you can tell – even if you follow the framework above, you’re not going to stand out if you’re saying the exact same thing as everyone else. Your company exists for a reason. You saw a better way of solving a problem. Tell THAT story through your message.

How much personalization should you use? How do you maximize impact while minimizing time spent?

Personalization without relevance isn’t useful (outside of making the email unique) – if it’s not relevant to them, then they won’t be likely to find value in it and reply. Their alma mater probably isn’t all that relevant, but things happening with their company might be. For example, you could keep an eye out for acquisition announcements and trigger your outreach based on that, if it were relevant to your solution.

Write sequencing based on relevance to your prospects’ industry and/or job role – instead of finding something that’s personal to the person. This scales better and is typically more useful to the recipient as well.

Focus on how you can help them solve important problems – and/or improve critical elements of their workflows.

Watch which jobs/roles you combine  – e.g. sales and marketing are different. I’d almost never put them in the same sequence because the way they think about similar problems, and the way they talk about them, is going to be totally different. 

How should you think about cold outreach to opportunities with multiple contacts?

Start with the best fit – in the beginning, your send volume might prevent you from reaching out to all the contacts at once. Pick the vertical or the job role that you think is going to be the best entry point for you to start at.

What are the most important pieces to get right?

You need all 3 —  deliverability, list building, and copy to get results with outreach:

  • Start with deliverability – if your emails aren’t getting to the inbox, your outreach will never succeed.
  • Invest in list building – your message has to get into the right hands. If your data is bad, no one will get it. If your data is poorly targeted… the “wrong” people will get it. Still no response. But when you invest the time to getting the right people on the list, your message has a fighting chance. Which also gives you more grace with the next part —  your copy.
  • Write readable, problem-based copy – try to keep it under 200 words. Break it up for mobile and don’t have massive paragraphs. Highlight the problem, tell them why it’s a problem, tell them there’s a solution to it, and tell them why they should care. From there, offer credibility and offer them more information. That’s your structure in a nutshell.

What are the common pitfalls?

Feature dumps without relevance – It’s fine (even good!) to share relevant features in some of your emails, but you always want to connect them back to an actual pain point. When sharing features try a format like: “Extra Great Thing does X, so that THIS desirable outcome is achieved” or “Super Tool does Y, so that this Undesirable outcome is avoided”.

Lack of context – I see lots of outreach that doesn’t the dots for their prospects, and it’s a quick path to the trash bin. You need to spell out why your message is relevant to them and their problems — because your recipients don’t have time (or any incentive) to figure it out for you. 

Not proofing the list – I can’t say it enough – make sure the right people are on the list. BUT ALSO make sure the merge field data from the list is formatted correctly. Nothing screams Spam like company names in all caps or their full, formal, legal name merged into a subject line or email body.

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