With Translation, You Don't Get What You Pay For

An interesting thing about translation services, and something that's a real headache for our customers, is that in this business you don't (at least not always) get what you pay for.

In other words, the higher price = higher value equation doesn't necessarily hold.

The core reason for this is the speed factor.

The more competent and skilled a freelance translator is, the quicker they are able to work.

This allows them to earn more per hour than a less capable translator even if the latter is charging a higher per-word rate.

For example, an expert translator translating at 900 words per hour (wph) and charging $0.10 per word will make more ($90 per hour) than a dictionary-dependent underachiever translating at 300wph and charging $0.25 per word ($75 per hour).

Let's suppose that both translators end up producing translations of similar quality, and that the true market value of the product is the average of the two rates, i.e. $0.175.

In this case, the expert is undercharging, while the non-expert is overcharging.

The expert is providing more value for price, while the non-expert is providing less value for price.

In an efficient market, the rates should equalize at $0.175 over time as the expert attracts demand and the non-expert repels it, but markets are imperfect.

For example, the expert translator may not be "putting themselves out there" through marketing and sales, perhaps preferring to devote their energies to studying (which is how they got to be an expert in the first place). They're already banking more cash than the non-expert, so they have little motivation to keep pursuing ever higher rates.

So many customers may not be aware that they even exist.

And the sheer vastness of the translation marketplace makes it surprisingly easy for the non-expert to continue earning the above-value rate.

If they keep putting themselves out there, they can continuously replace customers who realize they're overpaying with new ones.

Though it'll be an ongoing effort.

A nonstop battle.

And when they go to bed at night, they'll always have that nagging worry that they're going to be exposed sooner or later - that their business model is unsustainable long term.

The expert, meanwhile, can rest easy, safe in the knowledge that they're providing value in excess of price and making more money per hour to boot.

Which would you rather be?

For a basic toolkit on achieving success as a freelance translator (and in an ethical way), be sure to download and read my bestselling Amazon/Kindle ebook, 88 WAYS TO BE SUCCESSFUL AS A FREELANCE TRANSLATOR.

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"An invaluable tool for anyone who wants to survive this competitive market"

"I personally found that about most of these tips were spot on for my particular situation."

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 "It has practical tips that will make a great difference in the life of a freelance translator."

"A rare source of ideas that haven’t been discussed in their entirety among our profession"

Best of luck on your journey.

Matt