Should I go the cold email route?

So, it's been a while since I've released my first product - CodeWrite (a blogging tool for developers).
The launch wasn't anything crazy (only 1 subscriber and ~40 free users), but since it was my first launch, I can't complain too much.
Since then, I've identified several things that I could improve upon, mostly related to marketing.
I'm already in a process of building a new product - one where I put my new knowledge "to the test" - to see if I learned anything valuable.
However, I'm not done with CodeWrite and plan "a second wave" with a big update, and a new marketing strategy.
So, I've got a lot to do, but this time I want to make sure to do everything at least a tiny bit better.
My most recent marketing discovery was "cold email". I didn't know about this channel and first discovered it here on IH.
My initial thoughts lead me to believe that this strategy might be good for CodeWrite with its clearly-defined demographic (blogging devs), but I'm not 100% sure. Also, I'm worrying a bit about being received as a spammer, and damaging CodeWrite's reputation.

So, do you have any advice, tips, or anything for the newcomer? Do you recommend I give the cold email a try, or focus on other marketing channels? I know the decision is ultimately mine, but I really wanted to hear (read) what you guys have to say! 🙂