I did a similar thing for my iOS app[1]. It was free for months, and I started charging for it last October. I raised the price by a dollar every week, and sometimes kept the price for a bit longer than a week if I thought it might have been influenced by other factors (like new updates).
I was surprised to see that my app’s sales averaged to be about the same at every price point (some price points had more, some had less, but there was no consistent trend downward as the price rose). Thus, my revenue maximized at the highest price point I tried ($9.99) and I kept it there.
I presume that my experiment was so flawed that the results aren’t conclusive (rankings, ratings, etc. all changed throughout the experiment), but I was happy enough with the results that I went ahead and priced my app at $9.99 and have kept it there ever since.
[1] Iron Money, a personal finance organizer. I include this here because I have a feeling this might vary from category to category.
There is also a 'perception of value' effect. If something costs more, it 'must' be better. For something like a finance app that probably works in your favour, since charging too little makes you look dodgy. :D
I was surprised to see that my app’s sales averaged to be about the same at every price point (some price points had more, some had less, but there was no consistent trend downward as the price rose). Thus, my revenue maximized at the highest price point I tried ($9.99) and I kept it there.
I presume that my experiment was so flawed that the results aren’t conclusive (rankings, ratings, etc. all changed throughout the experiment), but I was happy enough with the results that I went ahead and priced my app at $9.99 and have kept it there ever since.
[1] Iron Money, a personal finance organizer. I include this here because I have a feeling this might vary from category to category.