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Personally, and I know this is extremely anecdotal, I've had great success with spending a lot of effort - about least a week each of precisely tailoring the application to the job offering, the job itself, the organization and the people who will make the hiring decision, as well as preparing for the job interview - on a very small number of applications. Even small details matter, like for example putting an emphasis on hobbies and interests that are relevant to the job and the old-fashioned act of calling key people before sending the application, asking a few well-prepared questions, getting your name written down - this ensures that your application sits on the top of the pile. Every single application of mine directly or indirectly refers to a call with at least one relevant person at the organization.

I only need between two to four applications per job and get an interview practically every time, despite large gaps in my CV. The last time around, I was told I "beat" over 100 applicants with this approach, which included two interviews and two tests (which used the standard set of IQ tests and more or less occupation-relevant questions). I prepared for each test and interview as if it as a university exam, which paid off. The thing is though, I still get frustrated by the small number of rejections (which at least tend to explain why I'm being rejected most of the time, because I developed such a good rapport with the people making the hiring decisions), since I spent so much time and effort on each, but at least I don't feel like I'm helplessly treading water by aimlessly sending hundreds of applications out.

I hope this doesn't sound like I'm bragging. I do not have any family connections or network of note, my family isn't rich, my name is even quite strange, which I've read should be a disadvantage, but hasn't impacted me negatively so far. This slow, systematic approach that anyone could use is just how I've always done this, which is why I'm so perplexed by people complaining that they have unsuccessfully sent out hundreds of cookie-cutter applications. Of course you won't get noticed and glossed over if you're applicant #235 with a near identical application, an identical CV and using the same approach as the 234 applicants before and who knows how many after you.