Could a newsletter help me grow my business?

I've noticed that newsletters have started becoming more and more popular but they're not really used by SMBs. SMBs kind of use email marketing way more — buy now, special offer, story-then-offer type of emails.

I think of a newsletter as a mix of two things:

1) Engaging emails sort of like the ones you get from The Hustle, Tim Ferriss' 5-Bullet Friday, Contrarian Thinking, and whatnot

2) Small promotions of one's services or products that subscribers can buy

Could something like this work for an SMB?