The short answer is YES. It does.
I have been using newsletters very effectively since last 18 - 20 years.
Apart from a couple of very very rare exceptions, I have always found that Newsletters are beneficial & they always work. Sometimes the benefits are not in immediate sales & Quite frankly, ‘Selling is NOT the real purpose of Newsletters.
So what’s the purpose - you may ask - these newsletters serve?
There are many purposes actually. Let’s see each one by one.
Newsletters are designed in such a way that they educate the reader - by providing summarized information that is coming from a source of authority.
Newsletters make your target customers aware of you, your business, and your products & services with consistent communication.
Newsletters position you & your business as an authority & trusted source. This is a great positioning to have had in customer’s minds.
Newsletter is the only media that -when done right - will get their undivided attention every month at the time when they are ready to give it. This is because they choose the time to read it. Other media interrupt them.
There are so many things about you, your business that you cannot tell your customers face to face for any number of reasons. Newsletter helps in putting those in front of them in the best possible manner.
I would say that if your newsletters are able to fulfil even a single purpose out of all 5, then too that would be a great ROI. If fulfills more than one, that would be a huge plus.