Why It’s Important to Focus on Value, Not Price
Speak to any seasoned professional in the translation industry and they will tell you to focus on value, not on price. Which begs the question – is this something you are currently doing?
There are effectively two ways of operating and getting by as a freelance translator. You can either be the service provider clients come to for outstanding results and value for money, or you can be a provider they come to because you’re cheap. The problem being that if you choose to follow the latter business model, you will only ever be focusing on low prices, rather than quality of results and value for money.
By contrast, to focus on value is to continually work towards delivering the kinds of results that not only satisfy, but bring more business your way and enable you to charge higher prices for the services you perform. It is a process that begins buy understanding of quantifying the value of the services you provide and of you yourself as a freelance translator. Rather than taking your current position and profession for granted, ask yourself a few key questions:
- How long did it take you to set up and start working professionally?
- How much money have you invested in your business along the way?
- What have you had to sacrifice in order to reach your current position?
- To what extent have you studied to further your abilities?
- What do you believe is your unique selling point?
- Where do you think you rank on a scale of 1 to 10, when compared to your rivals?
- What could you be doing to further improve the services you provide?
The list goes on, but it’s all about being proactive and mindful when it comes to your value as a translator. Just as soon as you begin focusing on value rather than price, you’ll find yourself in a much better position to both continue improving what you do and improve your revenues.
Your value will always determine exactly what rates you can charge, unless you’re happy dedicating yourself to low-grade projects, just because you charge the least.