Financials for freelancers: Pricing during the pandemic

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Financials for freelancers: Pricing during the pandemic

During this presentation, the main focus was on the question: Should we decrease the prices during the pandemic or not? I believe that this video contains a lot of precious information for freelancers since they are shown how to calculate their monthly income and how to keep their business working. I learned about the different pricing strategies for translation, as well as some strategies on how to increase perceived value, which was very helpful.

What was really interesting was that the host, Moira Monney, started the presentation with a question for all the freelancers that wanted to answer it and the question was “Have you been asked to reduce your rates due to the pandemic/recession?” So it was kind of a poll question and the answers were changing all the time, but it was quite surprising that only a very small percentage of the freelancers were asked to change their rates and they have changed it and quite 25% of them were asked, but did not reduce their rates.

Personally, I consider this presentation very interesting, because I didn’t know about the pricing strategies that are used in order to determine what price a freelancer can ask for his/her work. The host mentioned that now, because of the pandemic and all of its consequences the perceived value of the translation can go up, as everybody is online more than ever and the content or the translations have to be top-notch since it gets harder and harder to attract consumers and clients. She also included in the presentation some of the problems with accepting price reductions, which are the decreasing of perceived value, making decisions based on fear, and having to work longer working hours to compensate.

The only solution is to work on your marketing strategy because when you have more clients to choose from, you have more options also. The secret is to make your work as available as possible and of course to communicate your value to your clients and potential clients and make them understand your work’s worth and the impact that your job would have on their business. She also gave some advice on how to increase perceived value, and it is all about the personal branding and marketing strategies that you own and that your clients are able to see. It is of high importance to be professional and to stand up for your work, in the sense that you have to be an expert in your field to be taken into account by the best clients.

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