FloQast
A Unicorn Beloved by Accountants
“We have a lot of confidence that the messaging resonates with our key audience. Now we can put the full weight behind the arrow for marketing and sales.”
Reason to Reposition
Challenge an Established Competitor
FloQast CEO Michael Whitmore started his career as an accountant and felt the pain of software solutions that weren’t designed for accountants. He created FloQast to celebrate the unique needs of this often maligned profession. Michael was passed up by 100 VCs when pitching his idea, but he persisted and won a seed round from Toba Capital where investor Rob Meinhardt introduced FloQast to ZOOM.
The company has since become the industry darling, achieving $100M in recurring revenue and Series E fundraising at a valuation of $1.6 billion.
Tapping Into Audience Pain & Emotions
Through customer interviews, we discovered a market pain that FloQast uniquely addressed. Their secret sauce? Their software was designed by accountants who had experienced the grueling challenges of monthly closes firsthand. This understanding resonated with their customers, enabling them to work more efficiently, close the books faster, and reclaim valuable time for themselves and their families. By positioning themselves as "created by accountants for accountants," FloQast de-positioned their biggest competitor as “built by engineers.” This differentiation propelled them to success, earning the backing of the big four accounting firms, doubling their customer base, and raising over $220 million within two years of partnering with ZOOM.
Inspiring Audience Potential
When FloQast expanded their product to include automation for broader accounting processes, they once again turned to ZOOM to invigorate sales by tapping into the emotions of accountants, controllers, and CFOs. "Created by accountants for accountants" continued to resonate strongly with their audience. This time, they embraced the winning category of Accounting Workflow Automation, highlighting the benefits of working smarter, not harder, by reducing manual tasks and enabling better business decisions. By continuing to connect with accountants, FloQast to achieve unicorn status, reaching a valuation of $1.2B within a year, since growing to $1.6B with its Series E fundraising.
Bringing it Home
We admire how FloQast has taken their positioning to the next level, demonstrating a deep understanding of their audience in every aspect of their business. Here are a few examples:
FloQast delivers on its positioning with entertainment and content specific to the unique lives of accountants.
Commitment to their Accounting DNA: 100% of FloQast sales engineers and implementation team are accountants, meaning customers always engage peer-to-peer
The FloVerse Customer Community: Bringing people together to elevate the role of accounting
FloQast Studios: Assorted comedy bits, video sketches, music videos, and feature length productions relating to the mostly unknown world of accounting and the professional accountants working in the industry
Market Insights
Empowerment Through Understanding the Market
Data-Driven Win
Created by accountants for accountants to work smarter, not harder
71% of prospects really liked or liked
“I think some SME that has lived and breathed in an accountant’s chair for years, and felt the pain and trials and tribulations, said let’s do this better. ‘Let’s create something that accountants want to use.’ That’s what that says to me.” - Prospect
Comparative Concept
The more connected the team, the more successful the team
33% of customers really liked or liked
“I’m going to fight you tooth and nail if that’s software you’re trying to sell me. I can manage that with my own team. I’ll pursue something that’s going to help our accounting process and end results.” - Customer
Why Understanding Matters
Empowering and compelling, this positioning showcases FloQast's unique understanding of their audience
It instills confidence and urgency, highlighting their differentiation
FloQast's solution addresses the real pain points of their customers, setting them apart from technology-focused competitors
The losing concept is accurate but lacks the intrigue and customer appeal that "created by accountants for accountants" delivers
Lori, Nick, Wynn & Rob going with the Flo at FloQast’s swanky, new digs.