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next-level-background-7

The Case Against Raising Your Translation Rates In 2024 (and why it doesn鈥檛 hold water)

April 3, 2024 | Next Level | 4 Comments | Business Strategies
Raising translation rates in 2024

This post is an updated version of article that originally appeared on the . It is published here with permission of the author.


In the ever-evolving landscape of professional language services, new technologies such as neural machine translation (NMT) and generative AI (genAI) have inevitably sparked debates about how we should be pricing our services. Many freelancers and service providers have hesitated to raise their rates out of a deep-seated fear of losing clients. However, it鈥檚 crucial to take the time to dissect these arguments and understand why they may not hold up in the context of today鈥檚 market dynamics. Let鈥檚 take a closer look.

鈥淚 can鈥檛 raise my rates if I鈥檓 using NMT and genAI!鈥

The advent of NMT massively impacted the field of translation, ushering in new workflows that typically involve leveraging neural networks in the form of machine translation to save time on the drafting stage. And genAI is starting to augment translation-adjacent tasks ranging from lexical research to creative brainstorming鈥攚hich can also save time. Some platforms, such as Bureau Works, are even adapting NMT output and fixing tags during the translation process to achieve added gains.
Oddly enough, this can give rise to the misconception that utilizing such technologies diminishes the value of the service received by the client.

Yet, from the client鈥檚 point of view, if they are receiving their translation faster, isn鈥檛 that worth more?

Perhaps if research found that NMT drafting worsened the quality of human translations, there might be some merit to the notion that rates should remain static or even decline. But this does not seem to be supported by the research. Postediting by a qualified professional has been found to yield a translation equal or superior to a human translation from scratch. Interested readers can consult Brian Mossop and colleagues鈥 masterful book Translation Revision and Post-Editing (page 51), for example, for the research findings on this subject.

Moreover, to extrapolate this reflection to other fields, would you be less willing to pay for the work of an architect who employed cutting-edge software to streamline their design processes and deliver a better (or faster) blueprint? The opposite would be more logical.

In professions such as dentistry and architecture, technological advances often go hand in hand with higher expertise and better overall service quality, justifying higher price points. My dentist has a shiny poster on their door proudly showing off their latest technology and its benefits鈥攁nd you can bet that it isn鈥檛 free.

I believe that it鈥檚 important for us as translators and freelancers to recognize the value added by the technologies we use and to confidently adjust our rates accordingly.

Moreover, studies indicate that clients prioritize swift turnaround times alongside translation quality. Here lies an opportunity for professionals utilizing NMT and genAI to offer added value鈥 often at no extra charge! By embracing these technologies, translators can optimize efficiency without compromising on accuracy, thereby justifying normal and expected rate adjustments.

Rather than succumbing to undervaluation, freelancers should stand tall and communicate the added value derived from innovative tech. Elevating rates within reasonable bounds not only reflects competence but also fosters a sustainable ecosystem where expertise is duly recognized and rewarded鈥攋ust like in any other field.

鈥淓veryone is still reeling from the pandemic!鈥

The economic ripple effects of the global pandemic continue to affect businesses worldwide. This can cause freelance translators to hesitate to raise rates, fearing potential backlash from financially strained clients. However, it鈥檚 crucial to objectively examine today鈥檚 changing market conditions.

Despite economic uncertainties, businesses across numerous industries are recalibrating pricing strategies to sustain their own operations amid inflationary pressures. Did you know that many businesses are thriving like never before thanks to the online shift? Our clients are charging their customers more and adjusting to the higher costs imposed by their other suppliers and service providers. A cursory examination of client websites will almost always reveal a prevailing trend of price hikes, signaling a broader market shift. It鈥檚 no secret that everything is getting more expensive. It鈥檚 expected.

Furthermore, our clients (and their own customers) understand the necessity of fair pricing to ensure service continuity and quality. Businesses must remain viable. Incremental rate adjustments, even when modest, demonstrate a commitment to sustaining service excellence and long-term partnerships.

By better understanding economic realities and helping clients understand the value they are getting, freelancers can continue to inspire trust and foster mutually beneficial relationships.

鈥淏ut I don鈥檛 want to lose my clients!鈥

Fear of losing clients often deters freelancers from revising pricing structures. However, it鈥檚 important to keep in mind that retaining clients isn鈥檛 solely contingent on pricing; rather, it hinges on the freelancer鈥檚 broader value proposition and their relationship dynamics with the client.

The fact is that once we start working with a reliable service provider, inertia sets in as we develop familiarity and trust over time. A nominal rate increase is unlikely to jeopardize established relationships, especially when accompanied by transparent communication and continued service excellence.

Again, let鈥檚 look to other professionals, such as hairdressers or financial advisors. Clients prioritize their reliability and convenience, and as a result they are less likely to leave them in the event of a small or gradual price increase. Ultimately, the logistical challenges of finding another, better service provider tend to deter impulsive decisions and bolster client loyalty. And these habits and relationships typically get stronger and stronger over the years.

Going a step further, translators can also tap into personalized client relationships as a competitive advantage by working with their clients on Zoom, for example. Not many translators are doing this (yet). In fact, one of the most transformative things I coach translators on is how to hold a positive, effective, high-converting discovery call with a prospective client. This alone can completely transform your business and help you charge what you鈥檙e worth.

Along similar lines, we often hear today about translators starting to use intriguing new titles, such as 鈥測our language partner鈥 or 鈥渓anguage consultant,鈥 and for good reason. We need to become more than 鈥渟mart photocopy machines鈥 and offer complete, personalized, human service if we want to be perceived as essential partners in our clients鈥 success.

A rising tide lifts all boats

In conclusion, the reluctance to raise rates in 2024 warrants a reassessment of underlying assumptions and market dynamics. Leveraging new technologies, being aware of the economic realities of our clients, and nurturing client relationships are pivotal for staying sustainable鈥攁nd frankly, for staying in business.

Change is inevitable. Why not embrace change as an opportunity for innovation and for uncovering and delivering new forms of value? By taking our cues from other professions, better articulating what we offer to clients, fostering deeper relationships, and judiciously adapting our pricing to continue to serve clients well, we translators can also navigate market uncertainties and thrive in the age of AI.


About the Author

Joachim Lepine Headshot

Joachim L猫pine (Joe) was born into a French-speaking family in Belgium and grew up in the USA before moving to Quebec in 2006. He holds a bachelor鈥檚 degree in translation and a master鈥檚 degree in education, and he has translated for a myriad of prestigious clients in Quebec and abroad. Joe has taught French-into-English translation and related courses at Universit茅 de Sherbrooke 鈥媋nd trained for NATO, the United Nations, the European Commission, OTTIAQ, Magistrad, Editors Canada, the Translation Bureau, ITI (UK), Training for Translators (USA), and many others. He is the cofounder of LION Translation Academy, which trains translators and translation teams to thrive in every area of their practice.

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4 Comments

  1. on April 4, 2024 at 8:29 am

    Yes, yes, and YES! Thank you for these wise words, which really get to the essence of today’s dynamic market. Good clients who run their own businesses well have always hungered (and paid well) for partners who can support them with specialized services, and this is no less true today.

    I especially like the analogy of an architect using modern drafting technology: OF COURSE clients want to hire service providers who understand emerging technology and know how to leverage it for the benefit of the client.

    Language is what we live and breathe, but it’s often a mysterious superpower for our clients. In an unregulated market awash in mediocrity, success-oriented businesses gladly pay for excellence.

    Reply
    • on April 17, 2024 at 8:29 am

      Right on! Thank you for weighing in, Michael!

      Reply
  2. on May 4, 2024 at 8:46 am

    This blog provides a compelling argument for why raising translation rates in 2024 is not only justified but also essential for sustaining a thriving freelance business. It offers insightful perspectives on leveraging new technologies, understanding market dynamics, and nurturing client relationships to ensure long-term success. Embracing change and delivering value are emphasized as key strategies for translators to navigate market uncertainties and thrive in the age of AI. Overall, a motivating and empowering read for freelance translators!

    Reply
    • on October 25, 2024 at 8:50 am

      Thank you, Abhishek! : )

      Reply

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