Spam is a way of thinking. It’s an impersonal, imprecise, inexact approach. You’re merely throwing something against the wall to see if it sticks. You’re harassing thousands of people hoping that a couple will respond...
Spam is basically a half-ass way of getting someone’s attention. It’s insulting, really.
A much better route: Be personal. Call someone. Or write a note. If you read a story about a similar company or product, contact the journalist who wrote it and pitch them with some passion. If you want a job, write an amazing cover letter that explains why you’d love to work there.
Don’t rely on the shotgun approach of spam though. If you invest nothing in your interactions, you probably won’t get much back.
--Jason Fried via blog.800ceoread.com