I need advice on my transcription rates. Please help!

[eXPERT Business Support]

Hello, everyone. I'm just starting out and have set my flat rate for services. One of my services is transcription, which is something that I've been doing for a long time and am very, very good at. I recently was researching on the Internet at other companies who offer transcription services, and it seems to me that their prices are much lower than what I'd like to charge. I like the idea of charging per audio minute, because that way customers will know exactly what something is going to cost, and there is never any second guessing. I'm sending out marketing letters today in order to possibly gain a few transcription clients -- and I'm so worried about my pricing. Does anyone charge a lower rate for transcription when compared to their normal hourly rate? Should I charge less so that my pricing is competitive or stick to my guns? I really feel that my higher prices are worth every penny. I'm very confused on this pricing issue and would really be grateful for input on this "touchy" subject. Thank you!

[Tess]

I don't offer transcription services -but my answer is to the general nature of your question.

If you know your service is worth the rate, why would you consider lowering the value, perceived or otherwise, by lowering your rates?

If you want to offer a special discount to new clients - 10% off their first transcription project, or similar, then go for it!

[eXPERT Business Support]

Thank you, Tess. Your advice put my decision to rest. I had decided on not going down on my rates. There is a lot of work that goes into transcription, and I think I would be really unhappy with myself if I wasn't making what I felt I deserved. The discount is a great idea! Thank you again for taking the time to reply to my dilemma.

[bridiej]

I recently did the same exercise and realised that my rate is not as competitive as some.

BUT also look at the service they're offering - some companies were much cheaper but only offer a 3+ day service. I offer next day so I think that justifies a higher rate.

I just posted a blog today about this very subject, although it's aimed at clients you may find it useful http://btstranscripts.com/2010/11/22...ant-than-cost/