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Poll: Do you lower your rates during periods of slackening demand? Thread poster: ProZ.com Staff
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This forum topic is for the discussion of the poll question "Do you lower your rates during periods of slackening demand?".
This poll was originally submitted by Rita Utt. View the poll results »
[Subject edited by staff or moderator 2022-05-06 16:11 GMT]
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If you lower your rates what will happen when you decide to raise your rates back up when the economic downturn has passed?
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Tom in London
United Kingdom
Local time: 15:07
Member (2008)
Italian to English
| Absolutely not | May 6, 2022 |
Question "Do you lower your rates during periods of slackening demand?"
Absolutely not. My rate has got nothing to do with market fluctuations. It is based on the type of text and the urgency. If the text is challenging (i.e. interesting for me) I apply my full rate. If it's easy or very repetitive, I might give a discount - even a substantial discount - if the translation isn't required urgently.
[Edited at 2022-05-06 08:53 GMT]
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Lieven Malaise
Belgium
Local time: 16:07
Member (2020)
French to Dutch
+ ...
| For 1 client only. | May 6, 2022 |
In the past I've lowered my rates for one client, after having raised them a few years earlier. At the time the client had warned me that my price increase would probably lead to fewer translation requests, and that turned out to be the case. Well, I didn't mind because there was enough work. However, then came the month of May 2020 at the beginning of the pandemic, a very bad month in terms of turnover (-60%), so I decided to lower my rates again for that one client. In hindsight it might not h... See more In the past I've lowered my rates for one client, after having raised them a few years earlier. At the time the client had warned me that my price increase would probably lead to fewer translation requests, and that turned out to be the case. Well, I didn't mind because there was enough work. However, then came the month of May 2020 at the beginning of the pandemic, a very bad month in terms of turnover (-60%), so I decided to lower my rates again for that one client. In hindsight it might not have been necessary because from June 2020 onwards everything was running smoothly again. But I don't regret it because that client has been very active again since then and so helps to ensure that I am basically never without work, be it at a (slightly) lower rate.
But that was an exception and I have absolutely no intention to do it again. You have to be very careful with it because clients are always ready to push you into the corner of low rates, and to keep you there. ▲ Collapse
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I just raised my rates by 10%.
I have never seen any correlation between demand for my services and the strength of the economy.
Teresa Borges wrote:
If you lower your rates what will happen when you decide to raise your rates back up when the economic downturn has passed?
They will pay more again?
I'm not sure why translation should be the only business in the world where prices can't be raised.
Do you ever check your local garage's labour rates?
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Tom in London
United Kingdom
Local time: 15:07
Member (2008)
Italian to English
| They come back anyway | May 6, 2022 |
Lieven Malaise wrote:
..... You have to be very careful with it because clients are always ready to push you into the corner of low rates, and to keep you there.
I have a couple of clients (agencies) who've tried to get me to lower my rates and I refused - so they stopped sending me work. Then - a long time afterwards - they started coming back again when they had texts that just can't be handled by a CAT tool or MT. So my advice would be: if a regular client asks you to lower your rates, just politely say no. Sooner or later they'll be back.
[Edited at 2022-05-06 09:41 GMT]
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Tom in London wrote:
So my advice would be: if a regular client asks you to lower your rates, just politely say no. Sooner or later they'll be back.
Or not.
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Tom in London
United Kingdom
Local time: 15:07
Member (2008)
Italian to English
Robin LEPLUMEY wrote: Tom in London wrote:
So my advice would be: if a regular client asks you to lower your rates, just politely say no. Sooner or later they'll be back. Or not.
So what? Who wants to reduce their rate to a regular client? Let them go.
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| what are periodz? | May 6, 2022 |
Please write correctly
I do not lower my rates
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Baran Keki 
Türkiye
Local time: 17:07
Member
English to Turkish
| This reminds me | May 6, 2022 |
I remember receiving a 'heartfelt' CEO's message from one of the north European translation agencies with a stellar BB record at the beginning of the pandemic in which he declared that 'owing to unprecedented conditions' they would greatly appreciate our 'collaboration and understanding' for reducing translation/proofreading rates to help keep the business and economy alive, help the 'frontline workers', pandemic victims, kids, environment and bollocks of that nature. I wasn't getting any work f... See more I remember receiving a 'heartfelt' CEO's message from one of the north European translation agencies with a stellar BB record at the beginning of the pandemic in which he declared that 'owing to unprecedented conditions' they would greatly appreciate our 'collaboration and understanding' for reducing translation/proofreading rates to help keep the business and economy alive, help the 'frontline workers', pandemic victims, kids, environment and bollocks of that nature. I wasn't getting any work from them anyway due to my 'high rates' and my unpopular language pair, but I wonder if those who caved in to their 'request' have ever managed to get back their pre-pandemic rates now that the cases are on the decline... ▲ Collapse
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Tom in London
United Kingdom
Local time: 15:07
Member (2008)
Italian to English
Angie Garbarino wrote: Please write correctly I do not lower my rates
Periodz are periods for people who spell cool as kewl.
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Tom in London
United Kingdom
Local time: 15:07
Member (2008)
Italian to English
Baran Keki wrote:
..... help keep the business and economy alive, help the 'frontline workers', pandemic victims, kids, environment and bollocks of that nature......
Thanks for making me LOL
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imho, there are two heights: H above the floor and H above (or below) sea level )
H (expectation) above the floor never changes
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| Cut yourself some slack | May 7, 2022 |
Yes, but how?
By having a few months or years worth of savings to never put yourself in a situation to become vulnerable to slackening demand.
Again, how? By maintaining a healthy savings rate (difference between income and expenses) in normal times.
And by avoiding debt (but this goes without saying).
[Edited at 2022-05-07 06:42 GMT]
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neilmac
Spain
Local time: 16:07
Spanish to English
+ ...
My rates are already low enough to be affordable for my clients and good value for money. If demand slackens off, it gives me time to do other things.
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