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You bet they do. I have great success with mailers. Of course you need to find the best mailers or you just lose time and maybe money. First advice is don't upgrade after you join except you trust the one who invited you.
You need a magic subject line and a nice description of what you are promoting, don't make it to long or to short. It's a numbers game, don't think you get referrals with your first emails, of course it is possible just don't count on it.
But if you send 100K emails or more and didn't get any referrals then there is something wrong, either the mailer program or your email.
I have 2 mailers which I highly recommend, there are more great mailers but this 2 work best for me.