This is quite a debated thing because some people feel that it just isn't effective. Others will feel that cold calling can still be effective for certain markets and niches. Personally, I would never do this because I find cold calling quite annoying when random companies call me and try to sell something to me even though I haven't personally given them my number. So it would be quite hypocritical of me to use that method to try and market my business. Would you ever use this method of marketing or do you also find it quite ineffective? Especially when you consider most cold calls will end in a few seconds because the customer won't be bothered to hear you out.
I honestly don't think this works except on the older generation who are used to calls. My neighbor gets calls and and has ordered stuff and even let people come around to measure things. Needless to say, all were scams telling her she had won a voucher and an insurance policy she paid for never sent any paperwork. I have told her off as I have spent ages getting her money back on things that were useless and a con.
When I was working for a friend he tried to get me to cold call people to sell tickets to an event we were running and I refused basically because it's a waste of time for people in offices. They are too busy and an email stands a better chance of being read unless it hits the spam folder.
I don't think cold calling works these days because everyone has caller ID and because of so many scams no sensible person would do business this way IMHO. I think if it was a follow up call yes, but cold calling is associated with Indian call centers and fraudsters so if you have a genuine business people are less likely to trust you if you use this method.