Elephants in the Wild

Two by two, they plunge into the water from a wooded trail. Most have trained for hundreds of hours. Some have traveled thousands of miles. But it all comes down to a few hours. The sweat is pouring; the faces, grimacing; the crowd, louder than ever. 

I’m attending my first Ironman Triathlon. My partner loves to compete in these races and I’ve come to support him. And it’s exhilarating. But I can’t stop thinking about my work. I can’t stop thinking about elephants.

👣 A Familiar Footprint

About a year ago, I published “Elephants Not Unicorns.” In the piece, I wrote about a few of the key traits that define the next generation of great startups: 

1. Social Attraction: They focus on drawing in members and long-term evangelists, rather than buying users. 

2. Mission First: They rely on their mission to drive visibility and branding. 

3. Building in Public: They earn trust through transparency and great storytelling.

Elephants are obvious to spot when they’re huge – it’s not as easy when they’re just starting out. But through my venture fund, Park Rangers Capital, I’ve begun to notice more of them over the last year – not just as startups, and not just in technology. More than ever, brands and organizations are adopting similar traits that position them to grow sustainably and defensibly as the economy evolves. 

And as I watched the Ironman 70.3 triathlon begin a few miles east of Muncie, Indiana, I realized I’m looking right at one of the best examples of the model.

🔎 Elephant Hunting: Unexpected Traits 

Tattoos

One of the first things that blew my mind that weekend were the Ironman tattoos. This is a brand, owned by a company, but fueled by a community. The fact that people are willing to literally brand themselves with a company’s logo is an expression of this obsession. Outsiders may find this strange. But that’s actually a good thing, because it means a distinct subculture has formed with dedicated in-group members. 

As I wrote last year, elephants turn their customers into members and their companies into communities. And these communities are so sticky because they provide a genuine sense of identity and belonging at a time when people are more isolated than ever. Brands that breed these types of cultural identifiers own a level of loyalty that makes them durable long term and resistant to competition. 

Volunteers

Most of the workers I met at the Ironman race in Muncie were unpaid volunteers. Some traveled thousands of miles. They helped folks check in, supported with logistics and parking – all the small but mighty tasks that made the weekend work. They do this because they love the brand and community, and care about the event’s success. And since they identify with it personally, they succeed as it succeeds. 

Of course, few things are better than a business with a $0 hourly wage factored into the budget. This gives Ironman so much more flexibility to hire the best leadership team, improve the product, enhance the member experience, and more. And all these volunteers hint at something else: real loyalty. By serving the deep human need for identity and community, these brands develop intense levels of loyalty that translates into action. You can’t buy this type of community engagement – you can only nurture its organic growth. 

Micro-Celebrities

Ironman isn’t just a brand. It’s a culture. And like any culture, it has its own lore and language. Walking around one of these competitions, you’ll hear hyper-specific lingo and debates over practice and strategy. You’ll see the complex bicycle modifications and quasi-religious rituals as they prepare for the race. The stories of years past are everywhere. 

So are the heroes and pack leaders. Sometimes, these are founding leaders or winners from prior competitions. But there’s a distinct feeling that anyone can be a celebrity at an Ironman competition. And they won’t just be championed by the community, they’ll be acknowledged by the company itself. By rewarding individuals who excel within their world, brands like Ironman encourage others to fully immerse in the community and even express the most intense version of themselves. This adds yet another level of depth and stickiness, expanding the community and creating the next generation of heroes – both huge drivers of revenue in the years ahead.

💪 Elephant Building: Putting It Into Action

Plenty of brands have tried to build rabid communities with their own languages and events. Plenty have failed. Like unicorns, elephants are rare. But if you recognize the key elements of an elephant brand listed above (identity, community dedication, and expressions of excellence in experience), there are few proven strategies that can take you to the next level. 

Value First, Swag Later

Lots of brands have swag. Some have warehouses full of sweatshirts and chotchkies no one wants. And some have stickers that people will wait in line or even physically fight over. The difference is usually not design - it's the importance of the brand to the individual’s life. If no one cares about your company, no one will care about your t-shirts. But if people identify with your brand deeply and actively participate in the community around it, give them more ways to express themselves. (Also, make sure it is lit.) 

Reward Champions

In any community, some people will be more excited than others. Brands should empower their “superfans”. These individuals can be serious force multipliers as brand ambassadors and volunteer organizers. They add a high level of energy that any community needs to thrive long term. Investing in them shows others in the community the rewards of committed participation. So brands should show them they care: send handwritten notes, introduce them to the founding team, even provide opportunities to receive equity in the company. Gestures like these can go a long way. Like hiring the right engineer, activating the right brand ambassador can make a 10x impact.

Create Space to Engage 

Brands without natural event cycles like Ironman should consider creating events or other IRL opportunities for the sole purpose of engagement and community building. The best elephant companies believe in two-way communication and know IRL is the strongest way to achieve that loyalty. When people show up, double down and invest more! When community members meet each other and form bonds, the brand becomes the connective tissue of that relationship.

📣 Talk with a Ranger

I hope you enjoyed reading this piece! I’m Erica, founding GP at Park Rangers Capital and we’re actively investing in early stage elephant companies. Contact me anytime at [email protected] if you want to get involved in the movement we’re building.