You can use a hook developed for such kind of purposes: post_updated
Use this hook whenever you need to compare values before and after the
post update.
Lets get some codding:
function mail_on_update($post_ID, $post_after, $post_before){
if($post_after->post_content != $post_before->post_content){
// wp_mail() , mail() here
}
}
add_action( 'post_updated', 'mail_on_update', 10, 3 ); // 10 - priority, 3 - qty of parameters passed to action callback.
Put this code in your theme functions.php
and modify with conditional logic for mailing.