Due diligence and planning for future growth
Covenant Village – Gastonia, NC
The Client
Following completion of a yearlong strategic visioning process, called 2020 Foresight, the Board of Directors of Covenant Village approved moving forward with due diligence on a Strategic Visioning Plan for 2025.
Covenant Village, the only continuing care retirement community in Gaston County, was founded in 1982. Situated on 50+ parklike acres, the community employs 215 staff and is home to 270 residents who live across a wide spectrum of residential options, including duplex cottages, one- and two-bedroom apartments and numerous studio apartments. Currently, the healthcare has 72 residents. Covenant Village recently purchased 13 adjacent acres, a 100-foot elevated knoll with views of the Charlotte skyline to the east and Crowders Mountain to the west.
Strategic Visioning
Management initiated the due diligence and planning phases of implementation of the Strategic Visioning Plan. The plan addressed progressive growth objectives, enhancements to amenities, expansion plans for a variety of residential products, and new product lines to strengthen the life plan community’s mission to serve the regional maturing adult population.
Along with an architectural and interior design firm, general contractor, civil engineering and landscape planning firm, financial feasibility consultants, Covenant Village enlisted WellPointe Advisors to serve as the development advisor and to conduct consumer research.
Consumer Research
Over several months, WellPointe conducted consumer research with more than 500 stakeholders – residents, future resident members, the board of directors, leadership team, staff and local business leaders and presented a summary report was presented to management.
A Unique Marketing, Brand & Sales Plan
Another important phase of due diligence and planning was the creation of a new Marketing, Brand and Sales Plan for Post-COVID occupancy and revenue assumptions, in anticipation of the approval of the multi-phase Master Development Plan. The marketing plan consists of:
9 major marketing and sales objectives
27 key marketing, brand and sales strategies
The detailed tactics to support the 27 key strategies
The Project Description and Definition of the WELL Community(TM)
The Four Phase Development Plan/Master Plan
New Product Lines
While the Board of Directors continued its process toward prioritization, WellPointe is guided Covenant Village through a brand launch and rollout and continues to provide ongoing brand and marketing support. Additionally, WellPointe is developing business plans for each of eight major objectives that include an At-Home Healthcare product; a concierge physician’s clinic; and a tiered future resident member program.
A Roadmap for Success
Moving from point to point with well-thought-out and proven business strategies enabled Covenant Village to maintain momentum toward achievement of its objectives, even during limiting challenges of the COVID-19 pandemic. This road-map approach continues to propel Covenant Village through many more decisions, allocation of resources and actions to accomplish the worthy purposes and desired vision for the organization.