Not if it is permission based. You also need to put a sharp dividing line between email marketing to a purchased list (almost always a disaster) and email marketing to existing customers (under utilized by most small business owners). You also need to consider the quality of the list (is it more than a year old? how often has it been worked? has the list been updated after every use?) and the quality of the email (strong clear promise of benefit, added valued is clear, not a hard sell) Done correctly, email marketing will deliver incredible ROI, but it is just part of an effective advertising program, not the entire solution.