Correct

3.  The best measure of a potential advertising or promotional venue is NOT total number of people it can reach.

Quantity or size of list (usually rated in CPM  - cost per thousand) is only one measure to be looked at.  And it is one of the least valuable measures at that.  The success of any marketing program depends not on how many people your message reaches but how many people, who can and are willing to buy your product or service, actually see it.  The best measures include demographics and psychographics that match your target market profile.  What you want is a small list of precisely the right people.

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