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Pricing and Quoting Strategies to Win and Grow Business in the Translation Industry

Common Sense Advisory releases series of reports with research-based business planning and growth strategies for language services providers

Many people view translation and interpreting services as commodities, thus making selling based on factors other than price a tough exercise. Language service providers (LSPs) must develop solid pricing and quoting strategies to win business predictably and to grow in a controlled fashion.

Independent market research firm Common Sense Advisory (CSA Research) recently released a series of primary research reports exclusively for LSPs looking to be more strategic and effective in their quoting and pricing strategies. Building on more than a decade of industry research and analysis, the latest installments in the series include a 47-page report, “,” and two accompanying briefs: “How to Win the High-Stakes RFP Game” and “The Art of Quoting Turnaround Times” Data for all three was gathered via in-depth interviews with executives at LSPs in November and December 2015.

Comments Hélène Pielmeier, senior analyst at CSA Research, “Competition in the language services market is ruthless. You can always find competitors that are willing to undercut your rates.” She adds, “This research was eye-opening. Even with my 13-plus years of experience working at LSPs, I discovered many new variants of how providers go about winning business.”
Included in the report series are a multitude of pricing and quoting strategies, models, and examples, including:

Pricing approaches. How LSPs choose their market positioning, which pricing models they favor, and the pricing strategies they deploy to win new business.

Price lists. How providers develop and maintain their price lists.

Pricing services. How LSPs charge for translation and hourly services, as well as practices applied to bundling services, project management fees, and minimum charges.

Price change mechanisms. Strategies for adding premiums, alternatives to avoid slashing prices, and information on how to stay profitable.

Pricing recommendations. Pricing strategies that increase closing ratios.

Quoting strategies. Ways to generate quotes faster for prospects and clients, and when not to respond to request for proposals and tenders.

About Common Sense Advisory
Common Sense Advisory is an independent market research company helping companies profitably grow their international businesses and gain access to new markets and new customers. Its focus is on assisting its clients to operationalize, benchmark, optimize, and innovate industry best practices in translation, localization, interpreting, globalization, and internationalization. For more information, visit: http://www.commonsenseadvisory.com or www.twitter.com/CSA_Research

Submitted On: 5/17/2016

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