How to do it right? Here are the two most important points:
+ follow up a week later by phone to qualify your lead
+ make absolutely sure the print materials you sent are of high quality
And here is the concept:
Step 1: Cold Mail, with a nice letter and a flyer/folder that conveys the key points.
Step 2: Followup Call, to qualify the leads.
Step 3: If they are qualified, send them a personalized offer. 
Write the letters and make sure you can mass-print the from a database or excel sheet...
Now the actual flyer. In this case, we need to convey some technical information for our key value proposition to come across. Attention grabbing image one page one, content inside, contact information and customer testimonials on the back.
The gift-card prototype, personalized with a handwritten offer:
And here is my desk, work in progress:
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