A great deal has changed in the translations industry since we opened our doors in 1998. One exception is the typical pricing model used across the industry. In a nutshell, the model has been based on a strict cost per unit per language set. Words are then typically discounted based on reuse and repetition within the content. For a variety of reasons, this pricing model has become very cumbersome and difficult to implement – and very dependent on the CAT tool used for analysis.
Quite frankly, the pricing model is antiquated for today’s dynamic marketplace.
We are excited to announce that effective Jan 1st, 2017, Foreign Translations will implement a new approach which we piloted for several months with select clients. While the pricing algorithm of the model are proprietary, we are proud to share that the FT Model provides:
- Pricing based on market rates
- offers bigger discounts for larger (quantity) and/or repeated (frequency) work
- customization as needed per project and based on client needs and feedback
- Provides lower costs to you!
Lower overhead means cost savings passed along to you!
In our pilot group with the new model (conducted during November and December 2016), we saw an average savings to our clients of 15% per project!
Rest assured we carefully analyze any client-impacting changes and this is no exception. We have implemented this model after a great deal of analyzing, planning and testing.
We look forward to a long and successful partnership with each and every one of our esteemed clients.
|Two things that we will never change are our commitment to providing quality to you, and running our business in as transparent a way as possible.
If you would like a more in-depth discussion on this (or any other topic), we would be happy to hear from you! You can reach us using any of the contact methods on the "Contact Us" page, or simply email translations@ForeignTranslations.com
Our General Approach
We are very competitive due to 3 primary methodologies used throughout our company:
1. Custom, proprietary pricing model developed and implemented in late 2016 (see above).
2. Technology-driven automation: From our industry-leading translation tools to our sophisticated workflow platform, we employ technology wherever and whenever possible to drive down cost. This means better efficiency and savings, which we happily pass along to our clients in accordance with our core values.
3. Continuous process improvement applied to our pricing - we offer flexibility in meeting client demands. We are always willing to think creatively and innovatively so that price is not the determining factor. We want our clients to get a top-quality product at a fair price!