Today, IYKYK [If You Know You Know] is releasing our first crewneck drop. This release is themed around Palo Alto and will be available to those who live in the 650 area code.
> What is IYKYK?
IYKYK is a response to the rise in conspicuous consumption, the over-glorification of logos, and the on-body advertising that big corporations have brainwashed us to associate with status — only further perpetuating exclusivity of undeserving brands. We are built on the belief that we can utilize the same hype-driven marketing scheme to benefit small-scale businesses by creating sought-after merchandise that adds value to their brand image.
> Why does it exist?
Currently, small businesses account for 48% of all American jobs, 43.5% of the US GDP, and 99.5% of all US businesses; however, the reality is that small businesses are often doomed to fail. Studies have shown that more than 20% of small enterprises close within their very first year and about 50% fail within their first five years. Because of this, individuals have turned away from opening their own storefronts, as seen by the 20% decrease in the number of business owners from February to April in 2020. For decades, it has been seen that megacorporations have begun to take over and this trend has only been exacerbated by the recent pandemic. With dwindling hope for recovery for the mom-and-pop shops of the world, IYKYK wants to change the narrative.
> How does it work?
IYKYK stands by the belief that small businesses are the foundations of our communities and create the sense of “home” that makes us proud to be locals. Using an ironic play on logomania, we aim to support small businesses by offering limited release hoodies that are decorated with their advertisements. Instead of capitalizing off of our own logo, we want to support small businesses by using our sweatshirt to advertise the logos of small businesses located in our target cities.
By mimicking the uniqueness and exclusivity attached to existing hype brands, we hope to increase their exposure and help bring in more business.
We use a flipped, nontraditional retail strategy to make our sweatshirts free. Rather than making profit off the sales of our merchandise, local businesses pay for ad space on our sweatshirts. Using the revenue from ad sales, our team manufactures the sweatshirts to distribute to the public at no cost; however, an option to donate would be offered. These funds would then be funneled back into the community in the form of funding marketing services for the businesses in our network and offering financial support for storefronts that don’t have the means to afford ad space. Financial hurdles, inadequate management, ineffective business planning and marketing mishaps are the most common reasons small businesses fail, so we aim to utilize our resources to overcome these challenges.
Drops will take place online on a first come, first served basis. The date and time of these drops will be advertised on our various social media pages.
IYKYK celebrates regional identities and culture while giving back to small businesses in the community. We hope you follow us along in our journey and keep an eye out to see if IYKYK is coming to where you consider home!
