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I would try to lower the price for a month or two, to see how the market reacts. I believe that you still have to find the sweet spot in the price/demand curve.
If you are reading John, how did you pick $14 as the price? Pricing software is always difficult because you marginal costs are 0.
One school of thought is to take the time needed to write something, pick an hourly rate of what you would have had to pay a person to write it (or use what it cost you to produce it [1]) and then divide by the 'nominal' market to get a price.
Working a contrived example, lets say you write an App all by yourself, it takes you 3 weeks and you put in 300 hrs of work over those three weeks. Now you say "My time is worth $100/hr" so you've invest $30,000 into building that App. Now if the 'nominal market' which is people that you think need this capability at any cost is 1,000 people, you might charge $30/.3 or $100 ($99.95 if you're clever) for the app. After capturing your 1000 sales you've covered your development cost and are 'profiting' on the long tail with additional sales.
The danger of course is that you can over value your time and over estimate the number of people who might want your product.
[1] Cost to produce can be tricky if you are building several things, how much of your UI design developer do you charge to one project or another? Even fractions is a common technique but the designer will tell you that some projects took more of their time than others so its not a perfect strategy.
Wow! What a great result! So how does one get featured in the two dollar deal? What have sales done now, back at the normal price? Would you consider dropping the price permanently?
Good job! btw: I love how their Revenue counter is poised to go up to a trillion dollars.
Interesting, so 6000 x 2 ($12,000) vs 300 x 14 ($4,200) a price elasticity factor of 3. If you are reading John, how did you pick $14 as the price? Pricing software is always difficult because you marginal costs are 0. One school of thought is to take the time needed to write something, pick an hourly rate of what you would have had to pay a person to write it (or use what it cost you to produce it [1]) and then divi…
It actually surprises me that so much promotion, and such a large price drop, didn't result in even more purchases. It'd be interesting to see the sales curve after you raise the price again.
You should lower the price point to somewhere between $2-$5 and keep it there. It would be a shame to lose the top app store ranking when it goes back to $15.
Good job! btw: I love how their Revenue counter is poised to go up to a trillion dollars.