When is a medical-device manufacturer not just a medical-device manufacturer? When it’s also an online marketplace for consumers to buy wellness products and get advice from healthcare providers. Amid unrelenting pressure from digital-first competitors, McKinsey analysis finds that established companies across sectors are increasingly building new business-to-consumer (B2C) businesses to capture their share of the $25 trillion B2C market.

B2C business building is gaining traction because the traditional corporate strategy playbook is no longer enough to drive significant growth inside or outside a company’s core. Business building can create entirely new revenue streams. A McKinsey Global Survey of more than 1,100 CEOs found that companies that allocate 20 percent of their growth capital to creating new businesses achieve two percentage points higher revenue growth than companies that do not invest similarly.

CEOs who want to dive into B2C business building can start by identifying existing data and assets in their companies that could underpin new consumer offerings. Our research shows that more than 80 percent of companies have at least one underutilized asset that could form the backbone of a new business (Exhibit 1). This initial analysis is especially important for CEOs of business-to-business (B2B) companies, who may not be used to selling directly to consumers and will need to take measured steps to build B2C businesses that scale effectively. Based on our experience helping build more than 700 new businesses, this article provides proven strategies that CEOs can use to successfully build and scale B2C businesses.

New B2C businesses can take many forms. We found three categories to be strong bets for leaders thinking about building new B2C businesses, irrespective of industry sector: advice-as-a-service, embedded services, and B2B2C businesses. Each allows companies to leverage their core underutilized assets to create entirely new revenue streams (Exhibit 2). These three categories represent more than 90 percent of B2C business builds that, in our experience, have delivered outsize results, with each type of business attaining high revenue multiples (Exhibit 3).

Advice-as-a-service businesses solve a growing consumer conundrum: decision overload. These businesses help consumers navigate overwhelming choices on products and services in saturated markets by providing expert recommendations and guidance. Leveraging their established brand reputations, companies can launch advice-as-a-service businesses that provide consumers with trusted, curated content. This is especially true in markets where consumers need specialized knowledge to evaluate multiple product options, such as in healthcare and financial planning.

CEOs who want to build advice-as-a-service businesses can very often find success with one of these five primary business models.

Embedded services businesses integrate third-party functionalities—such as e-commerce, payments, and logistics—directly into a company’s core platform to deliver new services to existing customers or to engage new ones. For example, the “buy now, pay later” platform Affirm has established partnerships with major retailers such as Walmart, enabling both Affirm and these retailers to expand their customer reach and enhance the shopping experience.

We observed four primary types of embedded services business models in our research on successful builds.

The B2B2C business model involves a B2B company collaborating with its business customers to deliver a product or service to consumers. B2B2C businesses bridge the gap between original manufacturers and end users, providing consumers with another way to purchase products and services normally sold through intermediaries or third parties.

Within B2B2C, we see three primary archetypes for new-business builds, each of which generates value by providing a product or service directly to a new customer.

Successful B2C business builds can enable companies to reach entirely new customer segments and generate lasting new revenue streams. To get this type of business build right, CEOs can keep these three strategies in mind.

What are the primary benefits of building B2C businesses?

Building B2C businesses can help companies diversify their revenue streams, reach new customer segments, and create long-term customer loyalty.

How can CEOs identify opportunities for B2C business building within their organizations?

CEOs can start by analyzing existing data and assets to see if there are underutilized resources that could form the basis of a new B2C business.

What are the key considerations for CEOs when embarking on B2C business building?

CEOs should focus on leveraging their company’s strengths, embracing technology while keeping human interaction in the loop, and making it easy for consumers to join and stay engaged with the new B2C business.

Top-performing companies recognize that building B2C businesses is a key revenue driver. To determine whether B2C business building is right for their organizations, CEOs can ask themselves three exploratory questions.

If the answers to all three questions are yes, then CEOs can confidently embark on B2C business building, choosing one of three proven pathways best aligned to their companies’ strengths and core offerings. In general, advice-as-a-service businesses are a great first choice if the company has specialized knowledge that consumers value and trust to make purchase decisions. Embedded services businesses work well for companies that can integrate complementary offerings into their existing businesses or platforms. And B2B2C businesses are a strong pick for companies that can create value by connecting directly with end consumers.

The most successful B2C business builds we have seen—whether they help consumers make informed purchase decisions, streamline complex journeys, or bypass traditional intermediaries—share a common trait: They solve genuine pain points. Consumers today are overwhelmed by the myriad choices for products and services, bombarded by advertising, and fatigued from continued price inflation. Any business that makes consumers’ lives easier holds high potential to generate long-lasting revenue.