| Pages in topic: < [1 2 3] > | Poll: Are you planning to raise your rates in 2009? Thread poster: ProZ.com Staff
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neilmac
Spain
Local time: 22:34
Spanish to English
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| I intend to keep them steady | Dec 10, 2008 |
Hold the fort, batten down the hatches, weather the storm etc.
My earnings are no worse than last year and I consider my rates fair, enough to get by on and still competitive enough in my area without pulling the market down to new lows.
Hopefully the recession will only last another year or so...
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neilmac wrote:
Hold the fort, batten down the hatches, weather the storm etc.
My earnings are no worse than last year and I consider my rates fair, enough to get by on and still competitive enough in my area without pulling the market down to new lows.
Hopefully the recession will only last another year or so...
I'm happy with my rates so far.
Since they are not especially on the low side, I think it would not be the adequate time to raise them, and since my productivity has been growing over the last months, I think I might even end up with more income without raising my rates.
[Modifié le 2008-12-10 19:29 GMT]
| | | | | I am also thinking of lowering my rates | Dec 10, 2008 |
andres-larsen wrote:
As a matter of fact, I recently lowered my rates and intend to keep them at that level as I do not foresee the global recession disappearing any time soon during 2009
My business has shrunk since October, precipitously. My clients are hurting... Some of the firms I translated for have gone under... I don't mean agencies, I mean actual clients. My bank, in fact, was bought out by JP Morgan. So I am considering a temporary lowering of my rates with a letter to clients explaining this is a temporary measure.
Of course my living expenses have not gone down, but neither can I overlook the market.
| | | | | Last Year... | Dec 10, 2008 |
...I tried to raise my rates with clients. One minimal raise (0.003 Eurocents!), just to round up my rate, was refused by my best client, with the comment that mine was already the highest rate among all their translators (seeing how low many Italian translators market themselves, I believe my client)!
I raised my rate of 7% with another client, after many years of unchanged rates, and as a result they accepted the new rate, but only sent me a couple of jobs in the whole 2008!
... See more ...I tried to raise my rates with clients. One minimal raise (0.003 Eurocents!), just to round up my rate, was refused by my best client, with the comment that mine was already the highest rate among all their translators (seeing how low many Italian translators market themselves, I believe my client)!
I raised my rate of 7% with another client, after many years of unchanged rates, and as a result they accepted the new rate, but only sent me a couple of jobs in the whole 2008!
This year I will not raise my rates with existing clients, but I won't lower them either. ▲ Collapse
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Laureana Pavon 
Uruguay
Local time: 17:34
Member (2007)
English to Spanish
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MODERATOR | What's the lowest you would go? | Dec 10, 2008 |
Some translators are publishing rates of USD 0.02, followed by the word "negotiable".
There seems to be no limit to how low some translators will go.
It's so incredibly sad that they do not realize that they are only hurting themselves, not other more specialized / experienced translators.
Cheers!
Laureana
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Maybe I'll raise them by 20% and offer a 20% discount for timely payment. I wonder if clients will vote with their feet, or detach themselves from the late payment trend. It seems that many accounts payable departments are getting progressively careless about dates. In the worst scenario, if we have to fight, there will be a bonusa involved.
Any thoughts on this?
| | | | Laura Tridico
United States
Local time: 16:34
French to English
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| Marketing is key... | Dec 11, 2008 |
I''m limiting my rate increases to those clients who were not impacted by last year's rate increase. It's pretty small increase, mainly to be sure that everyone is paying my minimum rate, regardless of the nature of the work.
Because of the strengthening dollar (and what may be weaker demand from certain clients), I'm actively marketing myself to new clients who pay top rates in U.S. dollars. So far so good - I found two very good new clients through the ProZ jobs board this week, ... See more I''m limiting my rate increases to those clients who were not impacted by last year's rate increase. It's pretty small increase, mainly to be sure that everyone is paying my minimum rate, regardless of the nature of the work.
Because of the strengthening dollar (and what may be weaker demand from certain clients), I'm actively marketing myself to new clients who pay top rates in U.S. dollars. So far so good - I found two very good new clients through the ProZ jobs board this week, and have scheduled a (paid) translation test with a fabulous U.S.-based agency for next week.
Like everyone else I'm nervous about the economy, but as I watched my income slip with the exchange rates I realized I had to do something. I won't drop my European clients - after all, exchange rates move both ways - but I'm definitely moving to "hedge" my risk! I haven't had to market myself very much over the past year, but now I realize that in a recession it's essential to protect my income.
A note to Andres - you really need to market yourself to a different class of clients. Your profile says you charge $0.02-0.04, which is totally inadequate. You don't have to drop your existing clients now, but you should look for new work on the international market at no less than $0.10/word (at an absolute minimum!). Once you land new clients, you can increase your rates across the board. If your low-paying clients drop you, it doesn't matter because your new clients will more than make up for any lost income. ▲ Collapse
| | | | | One more vote for marketing | Dec 11, 2008 |
I agree with John Fossey, Penelope Ausejo and Laura Tridico: Marketing is the answer, not lowering rates!
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| Options: "Yes", "No", "I Don't Know" and "other"?? | Dec 11, 2008 |
What's the 2.5% "other"??? Third base??? (apologies to Abbott and Costello)
| | | | Nicole Schnell
United States
Local time: 13:34
English to German
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In memoriam
I raise my rates when I get a new client and I raise my rates when an agency that I am working for on a regular basis acquired a new client and wants me to be on the team for this new client. For the same agency I might work for rates that are two years old, because I have been working on a particular account for that long.
So, I am raising my rates regularly, but not because it's the turn of the year.
That's why I voted "Other"
| | | | John Cutler
Spain
Local time: 22:34
Spanish to English
+ ...
| Negotiate, negotiate, negotiate (upwards) | Dec 11, 2008 |
I negotiate all my rates from the beginning and, as Nicole mentions, always go for higher rates when a new client comes along. That keeps me earning a somewhat above average rate (for where I live, at least) so since I´m happy for now, I'm not planning on making any major changes to my rates in the near future.
I would encourage other translators to remember that we (most of us anyway) live in free market economies. You have to know your worth and charge accordingly. We live in a ... See more I negotiate all my rates from the beginning and, as Nicole mentions, always go for higher rates when a new client comes along. That keeps me earning a somewhat above average rate (for where I live, at least) so since I´m happy for now, I'm not planning on making any major changes to my rates in the near future.
I would encourage other translators to remember that we (most of us anyway) live in free market economies. You have to know your worth and charge accordingly. We live in a dog-eat-dog world and, economically speaking, if you don´t look out for yourself, no one else will either. I don't believe that lowering rates is a good long-term strategy for any one who is trying to earn a decent living. IMO, it´s like living on borrowed time. ▲ Collapse
| | | | m_temmer
Local time: 14:34
English to Dutch
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| stupid customers? | Dec 11, 2008 |
If you lower your rates, you're telling your customers that they have been pretty darn stupid. After all, you're telling them they've been paying you too much for your services!
And if you're starting to feel the crisis in your income and you lower your rates, you'll need a lot more job offers to compensate the lower rate and the decreasing number of job offers.
I'd also like to point out that, by lowering your rate, you may enter into a danger zone. You have "rather ex... See more If you lower your rates, you're telling your customers that they have been pretty darn stupid. After all, you're telling them they've been paying you too much for your services!
And if you're starting to feel the crisis in your income and you lower your rates, you'll need a lot more job offers to compensate the lower rate and the decreasing number of job offers.
I'd also like to point out that, by lowering your rate, you may enter into a danger zone. You have "rather expensive" translators, then there's a big chunk with intermediate rates and then there's the absurdly cheap ones. By lowering your rates, you may shift to a lower category and that could cost you customers as well. Or it could become harder to find "good" new customers.
And what about the future? Lowering rates is easy, but raising them afterwards is a completely different story.
Please don't tell your customers they've been absolute idiots these last couple of years. Translators should charge what they feel is justified for their work (quality, speed, etc.). Crisis or not, quality has its price and no matter what, there will always be plenty of customers looking for high quality at a high(er) rate.
Translators seem to underestimate the value of their work and that is pretty sad. You have to realize that companies really need us when calling upon us. They will make more money thanks to our work, or they will be able to defend themselves in court, which could save them a lot of money, etc.
[Edited at 2008-12-11 07:20 GMT] ▲ Collapse
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Wil Hardman (X)
United Kingdom
Local time: 21:34
Spanish to English
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| Thou shalt not lower your rates | Dec 11, 2008 |
At the moment I don't plan to increase my rates and I think in the current economic climate a rate increase may be taken the wrong way. Fortunately after having suffered for so long with a dreadful exchange rate due to the strong pound, things are looking up in that regard- so an increase isn't needed right now.
Also I'd like to second what many others are saying; 'never lower your rates', you are just davaluing yourself and your profession. We have inflation anyway so by just maint... See more At the moment I don't plan to increase my rates and I think in the current economic climate a rate increase may be taken the wrong way. Fortunately after having suffered for so long with a dreadful exchange rate due to the strong pound, things are looking up in that regard- so an increase isn't needed right now.
Also I'd like to second what many others are saying; 'never lower your rates', you are just davaluing yourself and your profession. We have inflation anyway so by just maintaining your rates you are effectively dropping them. A rate cut IMO equates to a vote of no confidence in your own ability.
If I were to write a 'Ten Holy Commandments' for being a freelance translator I think 'Thou shalt not lower your rates' would be at number one. ▲ Collapse
| | | | m_temmer
Local time: 14:34
English to Dutch
+ ...
| I couldn't agree more | Dec 11, 2008 |
Wil Hardman wrote:
If I were to write a 'Ten Holy Commandments' for being a freelance translator I think 'Thou shalt not lower your rates' would be at number one.
Well said!
| | | | Stephen Rifkind
Israel
Local time: 23:34
Member (2004)
French to English
+ ...
| Currency rates! | Dec 11, 2008 |
The major factor in play here, besides the recession of course, is currency rates. The shekel to Euro and dollar rates have been bouncing like crazy. I am not changing my Euro rate or dollar rate, meaning my actual income is changing too. So, even I don't raise or lower my rates, the market is doing it for me, for better or for worse. It is hard to figure out what to do.
Stephen Rifkind
Gaguzia Translations
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