I realize this is an old conversation, but it's an interesting one. I'd go newsletter for a few reasons. Social media traffic usually isn't looking to buy something and you become reliant on the social platform. If Facebook or Twitter or whoever change the rules you have no choice but to deal with those new rules. Those rules won't be changed to benefit you, they'll be changed to benefit the platform. The web is littered with stories about a platform changing and people losing customers because of it.
A newsletter is something you deliver to people who've expressed interest in hearing from you. These people are much more likely to be willing to buy from you. A newsletter is also a means for you to send message to people who have expressed interest. Say you have a new product or you decide to have a sale on an existing product. If you post to social media you're hoping people will notice your offer when you post it. With a newsletter it's more likely they'll be aware of the offer.
None of this is to imply that social media is bad and you should avoid it. Social is where the people are and you can reach more people through social sites. I'd rather have the smaller group that's expressed interest though than the larger group that hasn't. I think a better way to use social sites is to understand they have a greater reach and to look for ways to reach more people and bring them back to your site. The truth is this isn't an either or question and you ideally want to have a presence on social sites that leads people back to your site where you can then convince them to sign up for your newsletter.
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