Switching Costs

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The Mental Models Daily Podcast

Mental Models Daily

280 episodes

5 days ago

Welcome to Mental Models Daily, your go-to podcast for practical insights into the world of mental models. Each day, we break down a new mental model to help you think more clearly, make better decisions, and navigate the complexities of life with ease. From probabilistic thinking and first principles to the Pareto principle and the Eisenhower matrix, we explore a wide range of concepts that will sharpen your mind and enhance your problem-solving skills. Join us for daily episodes that will transform the way you approach challenges and opportunities. Tune in, learn, and elevate your thinking!

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Switching Costs

The Mental Models Daily Podcast

5 minutes 57 seconds

7 months ago

Switching Costs

Switching costs refer to the expenses, efforts, or barriers associated with switching from one product, service, or supplier to another. These costs can include financial costs, such as termination fees or setup fees, as well as non-financial costs, such as time, inconvenience, learning curve, and loss of network effects or data.

"Locked in or locked out? 🔄💰 The hidden price of changingbrands, services, or systems."

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