It works out who the company actually is, before anything else runs.
A target is identified by its website, not by its name. The studio opens the site and follows the pages that name an operator (footer, terms, privacy, about), reads what they sell and to whom, and only then starts searching. Everything downstream is handed that as settled fact.
It reports back the pages it opened and the same-named businesses it ruled out. That second list is the point: "Northwind" is four companies, and a pitch researched against the wrong one is worse than no pitch at all.
You see the pages read and the companies ruled out, on every run.