I like the idea--I definitely see a/the "problem" you hope to solve. I'm terrible with names so if I run into someone ("James") and they introduce me to their friend, kid, wife, etc. I'll jot down their name in the "Notes" field in "James"'s contact ("James's wife is 'Jane'"). Next time I see "James" and can't remember his wife's name, I can check my notes. It's not perfect but it works-ish.
The $3.99 might be a bit high for what I consider a "it works slightly better than my free hack" app. MVP and all that so sure there is more to come...