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How often do you update your rates ?
Thread poster: Julie BEILLE - FOLTZ
Julie BEILLE - FOLTZ
France
Local time: 05:28
English to French
+ ...
Sep 12, 2006

For one of my direct client there is now some time (nearly 3 years) that I didn't upgraded the rates.
I think september is a good period.
If so how do you present it to your client ?
Thanks for your help.


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xxxLia Fail  Identity Verified
Spain
Local time: 05:28
Spanish to English
+ ...
ad hoc, really:-) Sep 12, 2006

Well, with my regular clients, I update (rather cheap) rates 'eventually', after a few years! Considering the units we use (cents per word), it doesn't make much sense to add on 4- 5% annually

However, with new clients I just set a good minimum rate and stick to it for a few years . It's about 40%-50% higher than the regulars' rate. After many years, I am now in a position to turn down work that pays less. In other words, the laws of supply and demand apply.

The regulars usually allow me to negotiate a deadline. Time = money, that's my justification for remaining 'cheap' to them. I'm also loyal - they are the ones that 'learned' me my trade:-)

However, I give them a year's notice for an increase. The first increase happened 'naturally', along with the euro, and a few years later, I notified them in Jan that I would increase my rate the following January.


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Marie-Hélène Hayles  Identity Verified
Local time: 05:28
Italian to English
+ ...
depends on relationship with the client Sep 13, 2006

When I decided it was time to increase my rates earlier this year, I phoned my most important client to negotiate it with them (fortunately for me, they were happy to agree to the rate I proposed, which was a 10% increase over the old rate set over 3 years earlier). I applied it with a delay of about 6 weeks - I negotiated the rise in April and applied it from the beginning of June.

With other long-standing clients, I just wrote an email notifying them that I would be raising my rates (with the same delay in application), and my reasons for the rise (which was quite hefty for some of my lower paying clients, amounting to 40% in one case!)
I figured I could afford to lose all of them with the work I was getting from newer, better-paying clients. In the end though I only lost two, and strangely one client gives me more work now I've raised my rates than they did before


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