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People are growing less likely to read, click-on or even open spam messages/mails. Mails recieved in spam are often filtered out and sent to junk folders. Usuaully people don't bother scanning their junk folders not unless out of boredom or if they're expecting to recieve something that might've ended up there.
Many organizations worldwide are deciding to ease off the e-mail flood for marketing purposes due to its negative impacts and annoying attributes. It may surely be a cheap marketing technique to reach masses without much investment and can often be effective. Even people who've subscribed to various websites of their interest recieiving spam mails from them are beginning to lose interest in them and it's something that negatively effects them overtime ultimately driving them away.
Business smart individuals and organizations know and realize that sending way too many mails can really begin to annoy people and you don't wanna do that i.e. pushing the clients away. (unsubscribe if it's subscription based spam)
SPAM is not only bad for your image, but bad for your business too. You risk being flagged by mail server and thus limiting drastically your ability to send proper email marketing.
Whenever you have a list, make sure it was properly built with double optin, and do clean it up on a regular basis.
