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The Investing for Beginners Podcast - Your Path to Financial Freedom
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The Network Effect and Switching Costs
Stickiness is when we have something that we've ingrained in our lives, a lot of us are creatures of habit. And so sometimes the switching costs of going through the hassle of changing disrupting your life can be too much for some people. So even though you might not like that bank that you're with, they know you with all their little mail or papers that come in your address every week, you might not be annoyed enough to go through the hassleof switching and that's stickiness and switching costs.
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