Switching from freemium to paid pricing model
I recently switched my iOS app pricing model from freemium to paid. I was getting a conversion rate of around 20% but it has since been dropped to around 0.5%.
This is not a huge surprise since the app is paid now, but do you think in long term this is a good strategy to scale the app as the number of downloads have dropped by 10x?
When you say "conversion rate" has dropped from 20% to 0.5% -- is this the number of people downloading your app, or converting into paying customers?
A large number of people who downloaded your app previously would never have had any intention of buying it or paying for it in any form. So, is it worth it if the number of downloads has dropped? Potentially.
Some people prefer to try before they buy--it's just human nature-- same reason you test-drive a car. So a short, free trial would help to capture these potential customers.
If you don't have a good number of reviews, great copy etc. then most people won't be willing to spend their hard-earned cash on your app without trying it.
If you DO have a good number of positive reviews, my advice is to push for growth. Offer a free trial, and work on your marketing strategy. I wrote an article on this a while ago, maybe it'll help you: https://cherylwrites.com/how-to-grow-your-saas-business/
I hope this helps!