Developing and improving customer relationships represents the foundation of marketing as a scientific and practical discipline. The consumer is always at the center of all marketing activities, and companies that manage brands compete to meet consumer needs. Building customer relationships by increasing brand engagement is a new level of relationship, as it allows consumers to have a much greater impact on all elements of the marketing mix, clearly expressing their agreement or disagreement with all the activities that brands undertake. The prerequisite for such two-way communication was provided by the platform of social media, which allows each individual consumer almost unlimited reach to other users of these media. The research conducted has proven that consumer engagement on social media affects brand equity but not with all its elements. Following has a significant positive impact, while reacting has a significant negative impact on brand equity. Content creation has a positive impact, but it is not statistically significant. Positive and negative valence of consumer engagement also affects brand equity. The valence of reacting and creating content has a statistically significant impact on brand equity. The first two research hypotheses have been confirmed, while the third has been rejected because the intensity of the impact is not statistically significant. Future research should certainly be conducted in several different markets of products and services, and an attempt should be made to determine whether the impact of engagement on brand equity can be measured through additional engagement metrics. The primary guideline for practical management of consumer engagement is to focus on following and reacting as the main elements of engagement while necessarily finding ways to manage negative reactions.