It's not uncommon for B2B marketers to spend all their money hunting leads. But there may be another way -- a better way -- to drive growth. Rather than merely devote the entire marketing budget to the pursuit of nameless, faceless prospects, it may be time to invest more aggressively in accounts we can name and identify at the outset. That's "account-based marketing."

"[T]he current account-based marketing movement marks the beginning of a paradigm shift in the role of business-to-business marketing," contends the ITSMA, a membership organization which helps companies market services and solutions. "It is the cutting edge of marketing practice -- a new frontier."

As Rob Leavitt, senior director of marketing and advocacy for the ITSMA, told us, "We have been following this trend for more than a year and it has clearly crossed a threshold."

In a new report on account-based marketing, the ITSMA makes the case that B2B marketers can generate superior returns by increasingly focusing their efforts on specific accounts. The group, which surveyed two dozen companies, found that three-quarters of technology service providers are realizing a return on marketing investment that is more than three times better, on average, than conventional activities.

The top reasons for account-based marketing: growing existing accounts, breaking into new accounts and enhancing the quality of existing accounts. But to perform this activity effectively companies must carefully prioritize accounts and make a disciplined commitment to account research and analysis.

"Primary and secondary research lies at the heart of the account-based marketing process," according to the report. "Frequently, services providers create in-depth profiles of target accounts, highlighting their key performance issues and the perceptions and priorities of decision makers. This material helps marketers identify the key issues facing each account, map those issues to its own portfolio, and develop customized value propositions."

In previous research work, the ITSMA pointed to Accenture as a particularly powerful example of account-based marketing in action. "The Accenture program includes an intensive research program to fully document and understand all aspects of each existing relationship, all value delivered, executive-level perceptions of Accenture and key competitors, and critical business priorities," according to the group. "Accenture then creates a global, integrated, high-level program to strengthen the relationship and develop new business opportunities."

While the ITSMA states that this approach is too resource-intensive to apply to all accounts, it does believe that account-based marketing will capture an increasing share of marketing investment in the coming years. As one executive who participated in the research stated, "We now appreciate the value of the relationships and getting the best out of our accounts."