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I would imagine that the efficiency of email marketing is the same for the hosting business as it is for other digital products.
I would say email marketing is as effective as the person you are targeting.
If you are sending out to random addresses, don't expect anything. But if you were sending to MSPs and offering a complete white-label, no hassle hosting + support package, you might get some response.
This is why you send out marketing emails to a contact list you bought/hacked/stole from a fellow deadpooling hosting provider to ensure you get real customers in the same market.
Not saying it has happened before....