Are there other more productive ways to actively prospect instead of cold calling?

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Yes, cold calling is the lowest priority for lead generation. It is time consuming, expensive, and not always productive. Lead generation programs are many and varied and include telemarketing, direct mail, advertising, pay-per-click, seminar presentations, speaking, and public relations. The key is to use a format to create a warm lead and to spend your sales time working these leads rather cold calling.
Qualify leads that are generated. Direct marketing used to create a lead should be measured to determine the most cost effective method and to use this method over again.

Ray Silverstein