The effort a customer would face in moving to a competitor. Not just money — time, relearning, risk, lost data.
MoatLens tip: Switching costs are the quietest moat, because no report puts a number on them. You recognise them by their consequences: customers who stay for decades, contracts that renew without discussion, price rises that drive nobody away. Software woven deep into a company's daily processes is the classic case — leaving is rarely expensive, but almost always painful.
In MoatLens this explanation sits right next to the number — one tap away. And you see the ten-year trend instead of a single value.
