Email marketing plays a huge role in both CRM and business development strategies.  It is a marketing tool that is being used across geographic boundaries to increasing effect.
The really cool thing is that not only does it work for the big brands but thanks to the nature of the Internet it can also be deployed by SMEs to equal effect to grab a slice of the global market.
Mind you like any tool there is a brand health warning if not used in a culturally sensitive way.  And yes,  there is a role for transcreation to make sure that your global eDM has the maximum impact.

Anyway rather than repeat myself see the interview article and comments on email insider.