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Well, in my opinion the effectiveness varies with age and profession. Like youngsters tend to avoid lengthy email and don not even check them. same goes with different professions.
Even though it is not effective in today's marketing, it is a part of marketing
If the direct mail is a personalized email,, then its effective. If its a mass mail, then its not.
It all depends on the product and the targeted audience. For example, if you are marketing fro a travelling agency, direct mail is considered one of the best channels to be used. if you are marketing for a luxury good, then this would be a tricky situation; it depends on what are sending, i.e. is it a tactical communication or a brand awareness communication.
The effectiveness of direct mail keeps decreasing every year. People are bombarded with too many emails to bother reading each one, especially when it's a marketing email.
How you write the email and the title of the email makes a big contribution whether someone would open and read that email or not but as a brief estimate expect10% -40% of people to open an email and10% -20% to open links inside the email.