COVID Restrictions: Here’s How HBCUs Can Pivot and Monetize

As a result of the ongoing pandemic, social activities and gatherings have been canceled until further notice. That left HBCUs with a lot of time on their hands and wondering “what next?” during their most memorable years.

“While HBCUs represent only 3 percent of four-year degree programs, they produce 27 percent of Black STEM graduates, 46 percent of Black women engineers, and 30 percent of Black doctorates in science and engineering.”

These schools produce half of all Black public school teachers in the United States, making them the most important pipeline for diversity in public school faculty.

From academia to the workplace, HBCUs are essential drivers of diversity.” Their very existence is one of impact that creates opportunities for many. Unfortunately, there is a lack of equity compared to PWI’s in terms of funding.

The COVID-19 crisis has only amplified the inequities felt at HBCUs. It has impacted the community in a way that will take years to recover from, but that doesn’t mean we should give up. Now more than ever, HBCUs should pivot, find solutions to problems that have been there long before covid, and succeed. We need to find new ways to garner attention and revenue to amplify our impact and sustain our culture. Although much of our time in the COVID-19 era has been predominantly digital, it has shown that the possibilities are endless online.

Ways HBCUs Can Pivot During the Pandemic

Online Memorabilia

College memorabilia is a tangible token that reminds many of the memories that have shaped them into who they are today and who they are becoming. Per ESPN, “the market for collegiate-licensed apparel has never been bigger, generating $4.6 billion annually, and it’s only continuing to grow.” This was back in 2013.

Now in 2022, with so many avenues to sell merchandise, the possibilities are endless. Have your student body collaborate to create new relatable designs and revamp the originals and push merch on all platforms.

Reach out to successful, famous alumni to see if they are willing to donate old gear to the online store to make a profit directly to the school. Use that buzz to create more buzz and so on.

Are any famous writers, musicians, or creatives part of your alumni? Reach out! Will they sign some merch for you to sell online for the benefit of your HBCU for a small percentage? In what ways are your alumni willing to contribute to garner attention?

Changing the Way we Market

Covid-19 has pushed everyone online to find new ways to connect, and marketers have taken to it; so can your institution. Whether it be merch, events, or charity, be creative in the way that you market. Tap into your influencer market currently at the school and then go broader into your alumni. Are they willing to post and collaborate to develop creative content that would benefit the institution? Chances are high they would. Tapping into the most influential people at your disposal and creating social media campaigns will only bring more attention to your platform.

Are there any brands that are big on social responsibility? With injustices felt globally, from Breyona Taylor to George Floyd murders, many companies have created budgets to work with communities like yours to let your voices be heard.

The goal is to get as creative as possible, bring something new to the table, but most importantly, bring something real. Make the audience feel they are part of your community, showing them how impactful your community is and why it is so essential to invest despite not being able to experience it as we usually would. Digital resources are pivotal in keeping the spirit as well as cash flow alive.

Ticketed Virtual Events

During the COVID-19 era, many of our favorite events have gone virtual. Naturally, there are pros and cons to online events, but one would argue primarily pros. It creates access to anyone anywhere willing to pay for the experience. With social events upon us and COVID-19, many restrictions will prohibit the whole physical experience. This is the perfect time to use the marketing techniques above to sell events online.

Tapping into New Markets

The world is changing quickly, and so is the way we operate. Keeping up with the times and investing in new markets will only provide new revenue incomes and garner attention. It’s time for more of our colleges to accept crypto, bitcoin, and other blockchains as a form of payment, especially from donors. Per Inside High Red “Donors can avoid the capital gains tax if they give cryptocurrency directly to the college or university — meaning that they cannot first liquidate the virtual currency and then donate the cash to the institution. Nonprofit colleges and universities also do not have to pay capital gains taxes on the gift, because as nonprofit organizations they are exempt from many taxes.”

Let’s not forget the Cannabis Market. Now it is time for our HBCUs to get involved in the green rush directly. Less than 5% of cannabis business owners are black owned despite the fact that historically, blacks have disproportionately suffered the brut of the war on drugs. Per Diverse Education; “One emerging opportunity is industrial hemp and the derivatives and products associated with it like hempcrete, biodegradable hemp-based plastic, rope, clothing, building materials, and fiber”. Now HBCUs have the opportunity to partner with HBCU entrepreneurs to monetize this industry as well as participate in cultivating the next generation of leaders in this emerging space.

Linking Connections to Causes

Research has shown that one of the most expensive fields today is Content Creation. COVID-19 has shown us the actual value of connection. Use this to your advantage. What student experiences can you highlight and connect to a worthy cause? For example, your school’s band. What is the story behind it? Did you always have uniforms and equipment needed? Is your band room up to standards? If not, tell your story! Display how influential the band is to the music culture and morale of the student body at large. How can those on the outside be of assistance?

Although the pandemic has restricted social events, it doesn’t mean that you can’t still keep the spirits and your revenue high. Use all resources available to keep the connection to your HBCU strong. Continue to make your voice heard in different ways and you will be surprised at what may come your way.