In 2020, the priority for many businesses was remaining operational throughout the pandemic. Now, as we approach the second quarter of 2021, and with countries across the globe at differing stages of recovery, strategies that were on hold are being re-visited and adapted for the new era.
Neueda’s move to remote working back in March 2020 proved seamless due to an established distributed workforce and many of the required systems already in place. This readiness meant we could shift focus to supporting our customers’ digital requirements as they transitioned into the remote working world.
During this period, our dedication to building long-term customer relationships truly paid off. We have always been acutely aware that around 90% of our revenues come from existing or previous customers, and customer lifetime value remains a key metric for Neueda. With new spending decisions put on the back burner for many organisations in 2020, our existing relationships meant we continued to benefit from our core customer base throughout the pandemic.
That isn’t to say that our growth plans stuttered. By August, Neueda’s business pipeline began to build again, with discussions focused on delivering medium to longer-term digital strategies. Neueda’s digital transformation practice is a key business driver, accounting for around half of our revenues. This looks set to continue in 2021, with customers increasingly opting for public Cloud and Data analytics solutions.
The strategy for Neueda includes further expansion into international markets while continuing to consolidate our presence in Northern Ireland, which remains a rapidly growing global tech hub and a nearshoring hotspot for US organisations, in particular.
Additionally, we have identified significant opportunities within our trading technology services, which currently accounts for 30% of our turnover across key trading hubs. We have helped Investment banks, trading firms and vendors transform their platforms as cloud adoption continues to drive change throughout the industry.
A greater focus on remote models remains critical for 2021 and is set to become a permanent fixture in tech service delivery. Neueda has reduced our office footprint by 50% since the start of the pandemic, with further plans to adapt these spaces into hubs for collaboration rather than day-to-day operations.
There’s no doubt that Neueda benefits from our diversified customer base and the time we have invested in developing long-term relationships. The overriding priority for Neueda is to continue measuring the value we deliver to customers and exploring additional ways to add to this in the coming months and years. The mantra remains; if our customers grow, we grow.