Having the right pricing strategies in marketing helps you attract the right kind of clientele for your business.
It also ensures fair reward for your hard work.
It’s demoralizing to see so many talented translators get trapped into the sweat shop routine, accepting extremely low rates that do not reflex the value of their work.
Nor does it bring them the respect a professional translator deserves.
Remember – price has its elasticity.
Here are a few tips I want to share with you to properly price your services:
1- Research your target market and your services
Good pricing strategies don’t come out of thin air. You need to have some solid ground to base your price on. You have to know your target market and potential clients very well. When it comes to language communication, what do they need? What do they want? How important is your service to them?
You need to do some thorough research and try to talk to as many people as possible. Try to be flexible so that you can better cater to your clients’ needs. The more you provide what they need, the more your clients are willing to pay.
2- Do not follow the crowd
Many translators charge the same as their competitors do, but that’s a big mistake! You need to differentiate yourself from your competitors in numerous ways, especially having the right pricing strategies in place. Your price should reflect what you have to offer, and what you bring to the job, not mirror the competition.
If you do everything that the others are doing, what is going to make you stand out of the crowd? You need to know how much your competition is charging, but more importantly, you should start offering more than others are offering. Let your price reflect the added value you provide.
3- Start charging what you are worth now
Many freelance translators feel that they do not have enough experience under their belts, so they have to endure low pay until such time when they feel they ‘measure up.’
Well, if you think that way, you’ll likely never be ready to ask for a raise. When you rely upon a low price as a means to attract clients, you will tend to attract only a certain type of clientele. And those are the ones who counting pennies, which often leads to late payments, forgotten payments, and dickering over an already low-priced invoice.
Your success will depend upon smart time management, excellent service and applying your energies to the appropriate areas – chasing down late payments and scrambling for the low-paying jobs isn’t a road map to success.
Experience is good, but it’s not everything. What matters most in your pricing strategies is what you offer and what you delver to the marketplace.
4- Raising your rate sets a standard for your clientele and a value of your service
Are you worried if you raise your rate your clients will be scared away? Well, don’t!
A higher price may send some people running, but they are not the type of clients you should be attracting in the first place. Clients who only want bargain rates usually don’t care about quality. They are going to ask for a discount no matter how low your price already is.
If your business is only attracting people like that, the return on your skills is also low. There is no loyalty when it comes to ‘the lowest price’ chasers. If you offer value in your service, your potential clients will find money to pay for it.
The key to value based pricing strategies is to build enough rapport, tell your client exactly what you offer and what it will cost them, and justify your higher price with greater value.