Cold Calling by SEO companies are OK and need to quit getting such a bad wrap by the established big boys.
Cold Calling is practiced by businesses of all sizes.
A well-executed advertising campaign regardless of what type can prove to be positive if there is a good return on investment.
I came up with 5 reasons why cold calling SEO is ok.

1. Good Companies always seek out new clients- if you are in any Internet marketing profession and offering affordable Internet marketing services to small businesses, you would be foolish not to take the necessary steps to get new clients.
   
2. Don't realize they need help- The majority of the time I am online is to do research.
   In the course of my research I can see where a company who has no idea what SEO or local SEOis can use my help.
   So what she I do wait for them to call.
   The problem is they will not call, because they do not even realize they need help.
   
3. You don't have to be a star to be good- With as many professional SEO companies out there, its impossible for all of them to rank in the top 10 for local SEO company or SEO Specialist or whatever the SEO search term maybe.
   That doesn't mean that the company that placed the call can't get you ranked on the first page for carpet cleaning in that city or plumber or dental hygienist or roofing etc..
   
4. Cold calling is part of an overall client acquisition strategy- Saying SEO's shouldn't cold call is like saying insurance companies or car companies shouldn't do direct marketing.
   
5. Target desired niches - We all know that referrals are good, but what if the referrals are outside of the niche that you are targeting at that time.
   For instance if my target niche for local SEO at the time is christian daycares and I know several daycares that are not marketing their services effectively why would I not contact them and use my current client as a reference.
   

I can understand where the established Local SEO companies are coming from by saying cold calling is not necessary, because so many fly by night SEO companies don't deliver the results they say they can and that can give SEO a bad name.
That still should not detour some smaller companies from trying to establish themselves by contacting potential clients.