This is because conversion rate is not the right metric to analyze, spamming as a job hunting approach might work, but it is not the best method given the desir

This is because conversion rate is not the right metric to analyze, spamming as a job hunting approach might work, but it is not the best method given the desired outcome. When businesses spam people they are getting customers, so if they are converting 5.4% out of hundreds of thousands they can get some nice change, but when a job seeker is spamming potential employers he only needs one acceptable offer. Of course, spamming and getting multiple offers can give you leverage or comfort, but unlike companies which are not advised to put all their eggs in one basket by getting a very large customer, job seekers usually can only be in business with one company. So I think it would be better to consider Customer Acquisition Cost instead of conversion here, even if the CAC is hard to measure because when talking about job applications it's more about time investment. The reasoning is that when you spam thousands of job openings you heavily reduce your cost or effort to apply for a job, sending resumes selectively means a higher cost of acquisition but if it lands you the 'big one' it means a higher return on investment.