i'm trying to send an email out to customers with a coupon and this is what they are getting. what am i doing wrong?

Dear $EMAIL_FIRST_NAME Newsletter Subscriber,
$EMAIL_MESSAGE_HTML
$COUPON_TEXT_TO_REDEEM
$COUPON_TEXT_VOUCHER_IS $COUPON_CODE - $COUPON_DESCRIPTION
$COUPON_TEXT_REMEMBER
$COUPON_REDEEM_STORENAME_URL