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What percentage of importance is a marketing list to the success of a direct marketing campaign?

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What percentage of importance is a marketing list to the success of a direct marketing campaign?

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I have seen varying degrees of importance given to the marketing list itself in regard to the overall success of a campaign. I feel that it is important, but I have reservations about placing too much expectation on a list, especially if the campaign doesn’t perform. What are some thoughts on the level of importantce of marketing lists on overall campaign performance?

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