#171 🧠 The Knowledge Complex
Hello! Adam Thornhill here. ‘The Podcast Guy’ saving you 10 hours a month.
Today, you’ll learn about the knowledge complex thanks to My First Million.
How do you make your product or service irresistible?
It’s not just about the features you offer, but the stories you tell.
And that’s exactly what we’re learning here.
Shaan Puri reveals the “Tortilla Principle,” and why your company’s backstory may be your best selling point.
Remember to tell your story
Shaan Puri recounts his conversation with a small business owner.
Owner: We're so expensive and that's hurting our business.
Owner: These tortillas cost $2. Competitors get their tortillas for 20 cents.
Shaan: Why are yours so expensive?
Owner: Because the chef demands that every morning we get fresh tortillas that are trucked in from Mexico.
Shaan: Wow. That's awesome. Why don't you tell anybody that?
Owner: What do you mean?
Shaan: You should tell people that we truck our tortillas in fresh from Mexico every morning. I'd gladly pay $2 if I knew that.
Shaan: Your problem isn't that the chef is not willing to compromise and cut costs. Your problem is that you're not telling the story of why this food tastes better than anyone else, why this is fresher, and why this is higher priced.
Shaan Puri
The “Tortilla Principle”
This became one of the core things in my team. We talk about this all the time.
We call it the “Tortilla Principle”.
When we look at businesses that we're either going to buy or own, we ask:
Where are we trucking in tortillas from? And are we doing a good job of telling that story?
And almost always the answer is no.
You take for granted the things you do in your business that are the blood, sweat and tears to do something great.
They just seem like table stakes for you.
You're not telling the world about why you're different than anybody else and why you've gone the extra mile.
Shaan Puri
Why it matters
Here’s why you should put more time and energy into telling your story:
Differentiation. In a competitive market, you need to find a way to stand out. Your unique story sets you apart.
Value perception. Customers are often willing to pay more if they understand the ‘why’ behind a product.
Customer loyalty. Stories resonate. When customers feel connected to your brand’s journey, they’re more likely to remain loyal and become advocates.
Next steps
Ready to harness the power of your brand story? Use these simple steps:
Audit your business. Identify parts of your product or service that are unique but under-communicated. What are your ‘tortillas’?
Craft your story. Tell the story behind these unique elements. Why do you do what you do the way you do it?
Integrate across channels. Consistently weave this story into all your marketing materials, from your website to your packaging.
Your thoughts
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