The List-Size Penalty

Four bars show reply rates grouped by how many people you emailed at once. The smallest list, 1–50 people, has the longest bar at 5.8%, and the rate drops at each step down to just 2.1% for lists of 500 or more. A note points out the smallest list gets nearly three times the reply rate of the biggest. Casting a wider net feels like more chances, but sending to more people at once actually gets you fewer answers.