Cold-Calling/Telesales can be one of the most cost effective methods of acquiring prospective clients and keeping them. This like everything else in marketing must be done consistently. The best method is to use telesales with direct response mail. The best formula is call, send info and follow up with another call. This will give you the best return on your time and money.
Create a telesales schedule for yourself that includes a beginning and end. Choose the same time every day. Understand that telesales is a skill that when practiced becomes easier to do. If you like to exercise, because it makes you feel good when you do, or because it is good for you, then you will appreciate the next analogy. Become as discipline in telesales as a professional athlete is in sports. After thirty days of telesales prospecting and getting results, talking on the telephone everyday will become a habit!

Practice Makes Profits.
The first few days prospecting may be tough to do. But soon you'll be relaxed and happy to do it. Professional sales people call it prospecting, when you prospect consistently you get to hone your skills and actually become good. Over time, you'll begin to have results and then the reluctance goes away. What makes telephone prospecting so effective is your attitude and your personality. Be sure to create a different script for each type of telesales you are conducting; businesses, past clients, joint venture partners, etc.

Whenever you decide to contact a group of people via telephone be sure that you create and practice your script before picking up the telephone, if you cold call people at their homes, you must verify that they are not on a Do Not Call list. To contact someone on such a list could result in large fines. If you are calling businesses and offices, verify first that the Do Not Call List Laws do not apply in your state.

Get the Appointment.
Note, when contacting people by telephone, your only objective is to make an appointment, not to sell anything to them on the phone. You are just seeking to educate and inform. Create a list of about 1,000 names and numbers to call. Try to make it people within a 5 mile radius. If you are calling businesses, start with 200 names and numbers.

You must decide how many new clients you can take on each month. Remember to take into consideration your current client load. If that number is 10 new clients a month, you will need to (directly) speak to about 100 different people per month to achieve that goal. It may be necessary to speak to each of them at least three times before you get them to actually agree to meet with you.

Focus on the Benefits.
Spend one hour each day talking to prospective clients. The goal is ten new clients a month! Block telesales time out on your schedule right now, today. Stop reading and put choose a time that works for you this moment. With telesales, every new client costs you only your time on the phone (very economical).

Remember that talking on the telephone is nothing more than educating others on the benefits of obtaining your valuable services; it is educating the public and promoting your business. Keep in mind how your existing clients benefited from your services. Don't you want everyone to have the same benefits your current client s experience?

If the person reacts poorly (this almost never happens) say "thank you for your time" and move to the next person. A person's reaction is not a reflection on you but rather on something that is upsetting them in their life.
If you still have call reluctance, you may want to read the book "The Psychology of Sales Call Reluctance" by George W. Dudley. It is the best book we have found on getting past the fear of making calls.

Ideas for using telesales:
Getting new clients
Keeping in touch with current clients.
Contacting past clients.
Researching for joint venture partners
Generating leads
Setting up appointments for joint venture partnerships

Source: Fritz Richard link