I'll start off with what's worked for myself and some others, and if people like it I can expand on it or create a thread with some useful advice. This will be specifically about cold calling.
Cold Calling 101
What I'm going to do here is give you a brief framework for working your cold calls. It's going to start with some basic mindset adjustments, and then move into some actual calling situations.
First thing First: Where Are You Coming From?
Making a cold call can be tough, and usually the hardest part is the pressure we put on ourselves because we feel like we have to regurgitate our entire value proposition in 10 seconds. While an elevator pitch is a useful tool, you aren't trying to pitch people to buy something over the phone like a telemarketer; you're ideally building a relationship with this person that will last into the future.
This brings up the question: What does a good business relationship look like, and what can you do to lay the groundwork for it early?
I know for myself, a good business relationship with my customers revolves around trust, transparency, and a commitment to follow through on expectations. It might be a little different for everybody, but I'm going to use my requirements for the sake of discussion.
In the sign industry, is every person who needs a sign going to be a good customer for you? No! Bigger sign houses might find that small jobs aren't as worth their time, so their main targets might be big corporate jobs where they can leverage economies of scale to create huge quantities of standardized signs.
A smaller, more local sign shop might be better suited to deal with local mom and pop type shops because they know the area, and their concern isn't really having a massive amount of standard signs. It's creating one sign that's really remarkable so people comment and come into the store because they see it.
Identify where your best customers come from, and target more like that. Be selective and choose to do business with only those that meet whatever criteria you come up with for a good customer.
Pro Tip: When you ask for referrals, don't just ask for as many names as you can get. Try this: Schedule a meeting with your top 10 customers, and say something like "I'm looking to grow my business in this area. One thing I could do is advertise and use direct mail to build my business. But it just doesn't seem economically smart to do that when I have good clients like you who probably know people whom I could help. So I'd like you tell you what kind of client I'm looking for and you tell me if you know anyone who fits that profile. I need to tell you this though, I'm only looking for one or two clients in the next 6 months. I want to grow slowly so that I can continue to service my current clients.
First Contact
After you know what kind of customer you want, go make first contact! I like the phone, and there's a variety of ways you can initiate the conversation. Here's a framework I like to use if I know their name, but it's not a referral and they don't know about me.
"Hello, is Mark available?"
*Puts Mark on the phone*
"Hey Mark, this is TheLairdGuy from Laird Plastics. I know you're busy, do you have a minute?" (If they sound grumpy or say no, just ask when a better time to call back might be)
"You don't know me , I don't believe we've met before, but I work for Laird Plastics and I've done some research on what you do. What I know is this: I've been able to help similar companies lower some of their materials procurement costs, but everybody's situation is a little bit different. I don't know if I can help in your specific case, and I'm curious if you'd be willing have some informal conversation about what we do and whether or not we can help."
You don't have to use the same language, but the key here is intent. You should know that you can help them because you've helped similar customers; that's why you called them. If they aren't open at all, fair enough. You don't want to spend your time talking to people who aren't serious about looking at what you do anyways.
Let me know how things go if you end up trying this?