Thank you for sharing - for me ,this was an interesting view of the economics of a niche app.
I happen to be a user of your app myself, which makes it even more interesting. I downloaded your app as part of your free promotion that you mention in the spreadsheet. I have since recommended your app to several colleagues, of which several paid for the app, so your promotion was probably successful.
I also use a similar app, "TimeSheet". This app is ad-sponsored. I found this app by browsing the app stores lists of most popular apps, and because it was free, this was the app I started using.
Seeing the economics of your app seems to be barely viable, I would offer some food for tought.
You have minimal expenses already, so you can't boost profits by minimizing expenses. You can however do what you seem to be doing and just "wait" until the app is profitable.
Your app has a decent focus and is streamlined to do one thing and do it well. You can improve the app by doing customer interviews, but that will be costly and may not provide a ROI.
You could change the price of your app. If someone is using your app, it doesn't matter if the price is $1 or $5, it's peeanuts for anyone using it as a business app. This would hurt the "I'll try it out-downloads" though.
You can expand your user base by promoting your product more. This seems to me to be the most attractive option.
What are your own thoughts about increasing the revenue stream for the app?
I happen to be a user of your app myself, which makes it even more interesting. I downloaded your app as part of your free promotion that you mention in the spreadsheet. I have since recommended your app to several colleagues, of which several paid for the app, so your promotion was probably successful.
I also use a similar app, "TimeSheet". This app is ad-sponsored. I found this app by browsing the app stores lists of most popular apps, and because it was free, this was the app I started using.
Seeing the economics of your app seems to be barely viable, I would offer some food for tought.
You have minimal expenses already, so you can't boost profits by minimizing expenses. You can however do what you seem to be doing and just "wait" until the app is profitable. Your app has a decent focus and is streamlined to do one thing and do it well. You can improve the app by doing customer interviews, but that will be costly and may not provide a ROI. You could change the price of your app. If someone is using your app, it doesn't matter if the price is $1 or $5, it's peeanuts for anyone using it as a business app. This would hurt the "I'll try it out-downloads" though. You can expand your user base by promoting your product more. This seems to me to be the most attractive option. What are your own thoughts about increasing the revenue stream for the app?