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A two color newsletter design can have its advantages.
To begin with, it is distinctive. Well designed and perfectly produced, it can broadcast a tasteful austerity that can't be achieved any other way. You've seen those black and white commercials on tv with just a teeny splash of second color on the logo or something. Those spots are bound to be noticed, if only for their striking contrast to the hundreds of run-of-the-mill full-color ad messages that are aired every day.
It's cheaper to print. So take the savings and invest in a larger format. It takes less time to design and produce. Extra imagery, or more experienced talent are other good investments.
It can be so refreshingly subtle. With an ever so pastel pastel background that makes visuals pop and glow, your newsletter could achieve rewards that others will never know.
For an extra exciting newsletter, try a tabloid size page using five columns.
More narrow columns are preferrable to a lesser number of wider columns. As a general rule, so long as the columns are at least two inches wide, use as many as the space will allow. Usually three columns on a letter sized spage and five in a tabloid size will work best.
The art directional aspect of this newsletter was my first experience with so many columns. What a luxury it is to have many flexible areas of text into which images can be inserted. Instead of having to place most visuals against trim edges, a multi-column format makes much more functional and exciting layouts possible.