When to use cold calling, cold emailing, or both

When it comes to cold calling vs. cold emailing, it’s not about picking a winner — it’s about understanding when and how to use each channel.

Businesses tend to have deeply ingrained opinions about outreach channels, as Belkins’ co-founder Michael Maximoff explains:

Alex Sribnyi, Belkins’ managing director, points out that these views often change over the course of a campaign:

To help you gain a fresh perspective on how cold emailing or cold calling should play into your sales outreach strategy, this article breaks down the following:

• 3 factors that determine channel strategy
• How to take a data-driven approach that leverages both channels
• Real examples of integrated, high-converting campaigns

3 factors that decide your channel strategy

Many factors influence which channels you choose and how you use them. However, there are 3 in particular that we found all other considerations stem from.

Factor #1: What’s currently working in your industry?

Different industries have different communication cultures. What works great in one sector might fall flat in another. Alex illustrates this with an example:

Over time, we’ve observed the following patterns across different types of industries:

• Conservative industries (finance, legal, manufacturing): Cold calling often outperforms email. Decision-makers prefer direct communication and personal relationships.
• Tech and SaaS: Email and LinkedIn typically perform better at the start, with calling as a strong follow-up channel.
• Healthcare and biotech: These are highly regulated environments that make cold calling difficult, so email tends to be more effective for initial outreach.

But here’s the catch: Seeing how communication channels are being used in your industry only gives you a starting point. Businesses should never assume these patterns apply to their specific situation.

In other words, these are just trends, not certainties. Thorough testing is still required to discover your own winning formula.

Michael emphasizes this point:

The key concept to understand here is that you need to take a data-driven approach. This removes biases and reveals your target audience’s true communication preferences.

Factor #2: Where should you invest resources?

The challenges associated with each channel dictate the total cost of time, money, and energy.

Here we’ll go through some common considerations we see with clients.

Cold email considerations:

• Email verification and list building costs
• Deliverability challenges and spam filter issues
• Technology and compliance requirements
• Content creation resources

Cold calling considerations:

• Phone number verification (often more time-consuming than email)
• Higher personnel costs and training requirements
• Call reluctance and team skills
• Legal restrictions in certain regions

Michael breaks down a simple calculation:

To help you start thinking about what’s possible for your own organization in terms of cold emailing and cold calling, here are a few questions to ask yourself:

1. Can you get verified phone numbers/emails for your target accounts?
2. Can you overcome technical roadblocks (spam filters, gatekeepers)?
3. Do you have the right talent and resources for each channel?
4. What are the compliance considerations?

After you’ve thought about what’s possible, consider where you’re strongest. Alex adds to this point:

Factor #3: What’s easiest to scale?

Knowing how to scale comes from 2 major metrics. First is reach, which means thoroughly identifying your total addressable market (TAM).

Second is depth, which we refer to as account penetration.

Let’s start with TAM. Michael explains:

Alex also gives a few tips on this point:

But for smaller TAMs, a more careful, multichannel approach tends to work better:

Once you understand the scope of your market, growth relies on how well you penetrate each account through strategic, multi-touchpoint outreach.

Michael explains:

Scaling happens both going as wide and deep as you possibly can. Once you have a clear picture of how to do that, you can begin building a channel strategy that makes sense.

How Belkins determines the best channel strategy

After considering the 3 factors above, we at Belkins use a systematic, data-driven approach that can be broken down into 5 steps.

Step 1: Determine the client’s TAM

The first step is to define how many companies fit the client’s ICP. This lets us set realistic goals, which then shape the overall strategy.

If a client has a limited TAM of, say, 5,000 companies, we’d focus on maximizing account penetration before expanding reach. For clients with larger TAMs, we could consider going wide first.

To serve as an example, take a look at this client case study with GDL, a commercial cleaning service.

The company had a very limited location-based audience. Here were some insights we gathered:

• B2B cleaning assistance requires that you’re quick to arrive on location.
• They had to provide exceptional service due to the high level of competition.
• Face-to-face meetings were essential to sign contracts that included detailed scopes of work.
• Before Belkins, GDL relied mostly on word of mouth and did not have a well-defined ICP.

We worked closely with GDL over the course of 10 months to create a personalized growth plan. Because their TAM was based solely in California, we went county by county, helping them visit each destination in person for proper assessments.

Our approach, while meticulous, resulted in identifying 5,200 local offices and landlords. Since we considered this to be a very narrow TAM, and because it was difficult to define exactly who we were targeting, we relied on email.

We used opening lines, such as:

Not only does email work well with larger TAMs, but it's also a good channel to lead with when the best approach is unclear.

Step 2: Analyze your ICP and industry to determine the best channel options

Next, Belkins assesses which channels are most likely to work based on the client’s ICP, industry, existing data, and on-hand talent.

Alex describes this process:

To identify the channels that offer the biggest opportunities, we focus on:

1. Industry-specific communication preferences
2. Competitor analysis
3. Existing channel performance data

Below, we provide examples taken from our case studies to provide insight into how industry-specific communication, competitor analysis, and leveraging existing data could be used.

Example: Industry-specific communication

For a client in the utilities sector, we implemented a targeted approach based on prior industry knowledge.

Our strategy included:

1. Using referral-based tactics in cold emails
2. Tailoring value propositions to each sector (restaurants, healthcare, nonprofits)
3. Narrowing the target audience from broad C-level and engineering titles to top management only
4. Identifying highly responsive segments like religious institutions, which ultimately delivered 30% of all appointments

The results were 60%+ open rates and 15% reply rates across campaigns, with niche organizations showing particularly strong engagement.

Example: Competitor analysis

For ValueLabs, a company facing intense competition in the software development space. They struggled with standing out and filling their sales pipeline efficiently without expanding headcount. So, we developed a strategy to increase visibility while generating qualified meetings.

Our approach involved:

1. Conducting competitive research through website analysis, testimonials, and case studies
2. Testing to identify the industry segments that presented the best opportunities
3. Discovering that pharmaceuticals and healthcare, e-commerce, consumer goods, and retail offered the strongest regional performances
4. Creating personalized cold email templates with industry-specific value propositions

Our targeted cold outreach campaigns ended up booking 115 qualified appointments and delivering 2 deals within the first 4 months.

Competitor analysis revealed that other players in the software development space were using high-touch, high-cost marketing channels. Industry conferences and paid advertising created opportunities for more direct, personalized outreach. Decision-makers in the pharmaceutical, healthcare, e-commerce, and retail sectors responded well to communication that addressed their specific pain points.

Cold email was selected as the primary outreach method because it offered the perfect balance of personalization and scale without requiring additional headcount. It also lets us tailor messaging to the industry-specific value propositions uncovered during our competitive research.

Example: Existing channel performance data

For Ebco Trends, we leveraged their initial performance data to scale their appointment setting strategy.

They initially requested a modest 5 appointments in the first month. After seeing some quick wins, they doubled their target to 10 monthly meetings and expanded their scope to include decision-makers across multiple industries.

Our data-driven approach included:

1. Validating target audience size by extending beyond the U.S.-based Fortune 1000 companies to global headquarters
2. Testing decision-maker titles within Marketing, Innovation, Insights, Brand Managers, and Foresight
3. Analyzing response rates across title groups to identify optimal targeting
4. Discovering through performance data that Innovation and Insights titles delivered consistent engagement

Continuously analyzing campaign performance lets us refine our strategy and accelerate results.

Ebco Trends’ existing channel performance data demonstrated that the target audience responded well to direct, personalized engagement. This was particularly true when we addressed innovation and research needs.

In this case, cold email was the optimal outreach strategy because it allowed for A/B testing across different decision-maker titles and industries. It revealed that Innovation and Insights roles consistently showed the highest engagement rates.

Cold calling would have been less data-driven and more resource-intensive. It would have also been much harder to scale compared to email.

Step 3: Identify risks, restrictions, and resources

Before committing to any channel, Belkins looks at potential road blocks.

Michael outlines some basic questions to ask about what kind of restrictions your organization might be facing in terms of cold calling and cold emails:

Further analysis of restrictions, risks, and resources considers:

• Legal and compliance requirements
• Technical limitations (spam filters, call blockers)
• Available resources (budget, team skills, tools)
• Previous success with particular channels

For example, before partnering with Belkins, Semify LLC had a significant restriction. Their prior lead generation agency had yielded a nonexistent ROI, making them reluctant (and raising risk) to invest more in outbound.

They also faced technical limitations. Their emails were landing in spam folders.

When they teamed up with us, we first attempted our typical “Is it you, or is it {{Referral Name}}?” approach. Recognizing it wasn’t yielding sufficient results after 2 months, resources were reallocated to find another route.

We tackled the email deliverability issue directly by tweaking email templates to resolve the spam problem. Ultimately, we were able to increase replies and book meetings for Semify.

The process of analyzing the client’s past challenges and technical limitations, then adapting strategies and leveraging internal resources and expertise, led to a positive ROI.

Step 4: Create a plan that builds short- and long-term momentum

The previous 3 steps lay the foundation to develop an integrated strategy that leverages multiple channels in sequence.

For example, a typical approach might be:

1. Start with LinkedIn and email to build awareness and intent.
2. Use calling as a follow-up for engaged prospects.
3. Develop a nurturing sequence for those who show interest but aren’t ready to buy.

The case of MONA Payment Solutions offers a clear illustration of how we used both cold email and cold calling to build momentum.

Initially, we focused on cold email as the primary lead generation channel for MONA, a credit card processing service. Recognizing the need to find the right-sized targets and best approaches for this boutique agency, we added over 7,300 prospects to the sales pipeline and tested different industries, approaches, titles, and buyer personas.

To gain some steam early on, we launched a LinkedIn campaign that delivered initial engagement and appointments. Alongside LinkedIn, we continuously tweaked email templates over the long term until we were achieving a 50% average open rate.

To further improve results and gather insights into prospect engagement, MONA added a research package 2 months into the collaboration. We provided a targeted list of leads, which the MONA team then used for direct cold calling.

Combining LinkedIn, email, and cold calling allowed MONA to determine which titles responded better to which types of outreach.

By persistently using tailored cold email campaigns and supporting the client’s cold calling efforts with qualified lists, we helped them book 59 qualified appointments and contributed to 9 closed deals over 11 months.

Step 5: Build a strategy for scaling around TAM and account penetration

Finally, we develop a scaling plan that balances reach (number of accounts targeted) with depth (level of engagement per account).

Michael further explains:

To reach sustainable growth instead of quick but fleeting results, you need to take a holistic approach.

Here’s an example of how we executed that for a client.

7 Wonders Cinema needed to expand globally and increase their marketing and sales channels. At the time they came to us, they were relying solely on referrals.

Our challenge was to broaden the client’s TAM from their existing network. We could then build a strategy for sustainable growth by penetrating new accounts.

We implemented a multichannel strategy: one that focused on developing the client’s LinkedIn account, using content promotion and sending connection requests to relevant decision-makers to create touchpoints and build engagement.

Alongside LinkedIn, we initiated cold email outreach. It included technical steps like warming up 14 email boxes and using deliverability software. This increased volume and ensured emails reached prospects, which would later help us scale outreach.

We also integrated sales technology, taking over CRM operations for managing post-call follow-ups and inbound traffic. We did this through a HubSpot package to manage all inbound leads, granting us a holistic view of prospects engaged across multiple channels.

Outreach exceeded their expectations from booking 1 initial appointment to 25 meetings per month, and delivering nearly 700 appointments over 36 months.

Combining cold calling and cold email

The real power comes not from choosing between cold calling and cold emailing, but from integrating them strategically.

The most important aspect of combining them is using behavioral data to guide your approach.

Michael states:

Here are a few tactics we use:

• Call prospects who have opened emails multiple times but haven’t responded.
• Send personalized emails to prospects who were interested in a call but not ready to commit.
• Follow up with LinkedIn connections via email or phone.

In terms of what to avoid, Alex points out a common mistake:

The idea is to put time into your strategy and think about which stage or which channel brings the most value.

For instance, a thought-out strategy that uses different channels to target different stages of the sales funnel might look like this:

1. Send a personalized email introducing your company and solution.
2. Connect on LinkedIn and engage with their content.
3. Send a follow-up email with relevant content.
4. Make a phone call referencing previous touchpoints.
5. Continue nurturing with valuable content and periodic check-ins.

Alex provides an example of an integrated approach centered around an event:

The sequence continues:

After the event:

However, to execute such an integrated approach effectively, you need the right technology stack. Michael adds:

Integration into a CRM allows you to:

• Track engagement across channels
• Create segmented lists based on behavior
• Automate follow-ups based on specific triggers
• Measure conversion rates by channel and sequence

Moving toward an omnichannel B2B sales strategy

The cold call vs. cold email debate misses the larger point: Modern B2B sales requires an omnichannel approach that leverages multiple touchpoints throughout the buyer journey.

What is an omnichannel approach?

Omnichannel sales outreach is a coordinated approach that integrates multiple channels — email, call, LinkedIn, content, events, and more — to create a seamless, consistent buying experience.

At Belkins, we’ve developed a framework for omnichannel outreach that we adapt and tailor to your specific business needs. It typically involves:

• Complementing your current working outreach channels
• Breaking down silos between marketing and sales departments
• Integrating tech, data, and tools into a single source of truth
• Building a strategy that integrates multiple channels and mapping them to each stage of your buyer’s journey

The result is a smooth buyer experience where customers transition from one touchpoint to the next across all of their preferred channels.