How do you balance demand generation goals (lead generation) with account-based marketing strategies that are focused on engaging ideal fit accounts?

I've found that using a double-funnel approach to be one of the best ways to balance -- it helps align your team on goals, outcomes and other critical components to growth. The Double Funnel approach focuses on both high-value accounts and always-on marketing channels, and the combination helps improve overall sales and marketing performance.

Aligning to key performance metrics with this approach is key as there are significant changes in outputs when transitioning from a lead-gen focus to an account-based approach in terms of volume (goes down) and pipeline conversion rates (goes up).

However, because these buyers have more intent to engage with you and are the key personas at your predetermined target accounts, you end up having stronger revenue performance and overall sales. This post from Metadata breaks down the math behind the double funnel very well. 

The last critical piece is the alignment of the rest of the revenue team to support an account-based approach across the rest of the GTM team -- this includes key B2B functions like sales development, sales, growth marketing and campaigns. If the rest of the team is not aligned to the goals and how the team will work together, it will be difficult to get adoption across the rest of your organization.

If you want to focus on getting something started, I'd recommend launching a program pilot for 1-2 quarters with a small list of initial accounts you work with sales to create and a marketing investment strategy to reach those accounts. Measure performance based on success at your target account list and adjust the approach as you learn more. Shift budget and investment decisions as your strategy and execution improves.