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Excellent article. There’s a certain sense of satisfaction at increasing rates, knowing that you should still be fine even if the client declines to accept. I”ve often used rate rises to thin demand. I’d add only that, while you are indeed free to chose when to up your prices, you may have more chance of success if you do so before the client has already set their budget – so perhaps a month or two before year end.
Thank you for such an enlightening and encouraging article.
Raising prices is one of the scariest things to do in our industry since no one knows how the customer will react, which brings up my comment regarding pricing. Why doesn’t the translation industry (ATA) have any pricing guidelines? I’ve read similar articles like yours, which mention when, why and how to raise prices, but no one mentions how to price a translation. Wouldn’t this eliminate the big disparity in translation estimates? Wouldn’t an industry pricing guideline help support that price increase?