The Translation and Localization industry has been both consolidating and fragmenting for many years. Larger companies are gobbling up smaller ones to grow faster than others, while smaller companies continue to mushroom all over the world on a monthly basis. With low capital expenditure requirement and heavy reliance on outsourcing work, almost any person with some experience in the industry can start a translation company. But how will they grow their business and fight the trend to lower translation rates?
Translation Rates on a Downward Spiral
Due to the heavy competition and fragmentation, many have resorted to “buying” new business instead of winning it, by providing big up-front discounts to new clients. Translation consumers award these apparently “low-rate” vendors their business to limit their expenditures. But often the offered prices are below operational costs and will lead to severe long term losses.
To make up for the initial steep discount, these vendors boost their hidden rates by overcharging for fuzzy matches or double-charging for repeat and 100% match on follow up projects. The per word rates remain low, but the word count that is billed is significantly increased to the unsuspecting client. This is why you find reluctance in the industry to provide the client’s translation memories back to the client. They try to keep their clients’ business by holding their proprietary information and translation databases hostage.
The Honest Difference
At GlobalVision, we are committed to service our clients’ needs even if they go against ours. This is our commitment to you when you sign up with us for the first project and remains for as long as you are a client.
Our prices are not the lowest in the industry. Given the exceptional level of quality, service, promptness, experience, technical know-how and the seniority of our project managers, translators and production staff, we price our services at a reasonable level with a long term win-win attitude in mind.
We continue to search for ways to improve our efficiency and service without reducing quality and excellence in service. In the past 5 years, we have not raised our rates. Furthermore, we have implemented a Translation Management System which is free of charge to our clients. It gives you the ability to initiate, track and monitor projects and budgets online. This is a testament to the heavy R&D investment that we make.
How to Choose a Translation Company
If you are looking for honest, professional, hardworking, experienced group of people who will virtually always meet their commitments, you have found what you are looking for. Yes, price is an important factor in choosing a translation & localization vendor, but should not be the sole factor. Lowest translation rates lead to industry deceiving tactics that end up with a lose-lose proposition.
Check references and make sure you do your due diligence before signing up with a new translation supplier. If the price that is offered is too good to be true, it may well be so.
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