Translation is more of an art than science. It is not an exact commodity that can be measured and compared with identical products to simply review pricing. Every translation project is different with its own unique language peculiarities and nuances. It varies in length of document, topic and complexity of the project. What is the source to target language? How technical and sophisticated is the assignment? What expertise and qualifications does the translator or interpreter need? These are a few of the considerations when pricing a job. So with these background in mind, let’s delve into the tips that can get you your best pricing.
1. Be willing to be more flexible with your payment terms.
It’s not always about the price but the overall payment terms that matter to a Translation Agency. A common practice is payment within 30 days upon receipt of completed work. You get more leverage on your pricing when you can pay the whole amount upon delivery of the job. The time value of money and the attraction of being paid now versus 30 days down the road is a good incentive for discounted pricing.
2. A bigger volume of work will give you bargaining power.
So what is considered big volume? There is no industry standard but you will see translation companies being more competitive with their pricing when you have a project that has a minimum of 8,000 to 10,000 words. It is simply influenced by economies of scale. It is common that 1 to 5 page documents are more expensive when compared to the word count pricing on a 100 page document. The more the merrier.
3. Repeat Business
This is a sweet spot for any business owner and satisfied customer. There is a level of trust in the quality of work executed. Familiarity in working styles and expectations from both translation service provider and customer have been established. Surprises are minimized. Being a long term client definitely has its perks both in pricing and prioritization. Obviously if you are a first time customer with ongoing needs for translation work, you can always tell the provider that if they do a good job for you, that can mean continued work. A potential long term working relationship can open doors for preferred pricing.
4. Non Stringent Deadlines.
It is often that we deal with rush jobs and very tight deadlines. This obviously creates unwarranted stress from everyone concerned. When there is rushed work and more potential stress involved, that typically means a non discounted price. You are more inclined to have leverage in better pricing when you inform your translation service company that you are giving them ample time to complete the job.
5. Be Low Maintenance and Pay on Time
We are all too familiar with the dreaded high maintenance client that is demanding, unreasonable and unappreciative. Who really wants to work with this type of client? Most of the time, they are avoided and their phone calls are not returned. Be the opposite of this person. Set your expectations within reason, pay your bills within the agreed terms and show some appreciation. It sounds obvious but being a genuinely nice customer will get you rewarded. Remember that when you play nice, you pay nice.
Everyone wants a bargain. Try these tips next time. We hope it puts more money in your pocket.