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I think the answer depends on the target market and the product/service that is being offered. Email may work to an older audience and social media to younger audience but technology works in different ways so would you try both?
The short answer is Social Media + Email Marketing= Success. The email marketing can never be old.Every body who using Social Media has personal email. So if the audience is interested in your products or services then you can send your offers through email marketing.
It depend on what the company produce. If the company provides corporate services, then Email marketing is the best, but in case of retail, then Social media is the best. "Target Market"
Great topic.
Synergy of email marketing, SEO, PPC, and social media is the key to success. All this marketing chanels gives the best effects when complements each other.
But you should constantly testing new tactics on different digital chanels and new content marketing tactics. Read this article: http://freshmail.com/blog/knowledge-and-reports/the-most-effective-ways-advertise-online/
Social media -as a marketing toll for branding its a good option if you like to push your company and brand more into public
email marketing -is effective tool and good converstion rate you will get if you go with good content and call to action elements ( email marketing works good with existing customers very well )