Email marketing is a great way to build-up your community and generate traffic to your website. It does not provide SEO value. Search Engine Optimization is related to your website and how search engines rank your content.
I suppose you indirectly contribute to SEO if you build-up a big email list and thus the email marketing encourages/reminds people to talk about your website... But it is the act of these people creating links to your content that contributes to your page-rank and the proper design of your website that contributes to SEO.
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