Christian Osgood says the only goal of a cold call is booking a meeting, ideally in person over coffee or lunch. If you don't get that meeting, the call failed. You can't build trust through a phone call alone.
Number 1: Understand the objective. The objective of the phone call is to book a meeting. It is not to make a friend. It is not to get a valuable takeaway. It is not to talk for 30 minutes about their business. Some people think that, oh, we had a good conversation, therefore this was profitable. Did you book a coffee meeting or a lunch meeting? Are you meeting with them in person? If the answer is no, you have failed. You have not done the thing. People do business with people they like, know, and trust. You do not get that from a cold call.