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We had a "we miss you" sequence for anyone inactive 60 days. Standard stuff. Turned it off as an experiment.
List shrank 8% over the quarter as those people naturally aged out. Open rate on the main send went 27% → 41%. Click rate nearly doubled. Revenue per send up, despite fewer recipients.
We'd been paying — in sender reputation and in our own average — to keep people who'd already left. Attention you have to beg for isn't attention.