The Influence of Social Media Engagement on Various Outcomes - Brand Equity, Value Co-Creation and E-Word of Mouth

Social media users' rising acceptance of them demonstrates that customers are developing strong emotional relationships with them. The purpose of the study to The Influence of Social Media Engagement on Various Outcomes - Brand Equity, Value Co-Creation and E-word of Mouth.


INTRODUCTION
The term "Brand" initially originated in marketing and advertising.Branding demonstrates ownership of the product and logos.Businesses inked their trademarks on products as emblems of their identities to catch the attention of potential customers.The concept has developed; it now extends beyond a concrete brand or presence.
Engagement with customers and brands is essential to an online business.An organization's sales, reputation, and credibility may all increase if customers have favourable experiences with it.2018 (Shahid & Iqbal).Customers' connections to a brand and their happiness with its products have an impact on brand loyalty.Brand engagement affects brand loyalty either directly or indirectly (Fernandes, T., & Moreira, M., 2019).The quality and services of the company's products and services, the website, or the brand itself are just a few of the ways that consumers evaluate their experiences with businesses (Goldsmith, R.E., 2012).The engagement has an impact on customer involvement, brand loyalty, and participation (Leckie et al., 2016).
We are surrounded by brands every day, and they affect how we live.Everyone has some brands to which they aspire.Some brands are chosen by consumers because they feel safe and secure doing business with those businesses.Brands influence how people act, think, and even value goods on a regular basis.The emergence of digital media, which includes social networks, mobile apps, online forums, and blogs, has had a significant impact on branding.The power of a single consumer is growing.In the modern world, every company, regardless of size, has a website, blog, official Facebook, Twitter, YouTube channels, etc. Page.They make advantage of it to display their social media activity and advertise their brands.
Customers want to buy products and services from well-known companies.A powerful brand "means quality, satisfaction, and value to customers," according to Gale (1994).In order to build a strong brand, he recommended a few factors, including understanding customer needs, providing the highest quality possible for different product features, overall leadership, extremely low cost of quality, and effective positioning.

II. OBJECTIVE
To analyze the influence of social media engagement on various outcomes -brand equity, value co-creation and E-word of mouth in the FMCG Sector

III. RESEARCH METHODOLOGY
The first of all the reliability status of different variables (statements) has been tested with help of cronbach alpha in SPSS statistics 21.The reliability statistics has been checked for the statements with respect to statements of 'Dimensions of Brand engagement' and statements of 'Social media engagement'.The cronbach's alpha comes 0.876 (Social Media Engagement), 0.826 (Brand equity), 0.813 (Value co-creation) and 0.895(E-word of mouth) respectively (refer to table 1).The value of cronbach alpha more than 0.7, is considered as an acceptable level of reliability.As per the result, it is signified that reliability of the statements used is justified.To identify the influence of social media engagement on various outcomes -brand equity, value co-creation and E-word of mouth in the FMCG Sector.
The relationship needs to be studies between the 'Social media engagement' and brand equity, value co-creation and E-word of mouth.The 'Pearson' correlation technique and stepwise regression has been used to validate the relationship in FMCG sectors.
The relationship has been studied with the 'Social media engagement-Conversion, Social Presence, Brand Affiliation, Entertainment, Brand Usage Intent and Social Influence ' and brand equity, value cocreation and E-word of mouth.
The hypothesis formulated to study the relationship is as follows: H 0 : There is no significant relationship between Social media engagement with brand equity, value co-creation and E-word of mouth H 1 : There is significant relationship between Social media engagement with brand equity, value co-creation and E-word of mouth The two tail test has been used to study the direction of the relationship; the direction of correlation varies as per the literature.The results clearly indicated that the significant relationship and the degree of relationship is moderate.
The stepwise linear regression is used to investigate the influence of social media engagement on various outcomes -brand equity, value co-creation and E-word of mouth in the FMCG Sector.Stepwise linear regression is a method of regressing multiple variables while simultaneously removing those that aren't important.Stepwise regression essentially does multiple regression a number of times, each time removing the weakest correlated variable.At the end, left with the variables that explain the distribution best.

IV. BRAND EQUITY
First of all, stepwise regression analysis is done with dependent variable Brand Equity and independent variables are Conversion, Social Presence, Brand Affiliation, Entertainment, Brand Usage Intent and Social Influence.
The hypothesis formulated to study the relationship is as follows: H 0 : There is significant influence of Social media engagement on Brand Equity.H 1 : There is significant influence of Social media engagement on Brand Equity.
The results of stepwise regression of social media engagement on Brand equity are presented in below tables.The results show that the social media engagement (6 variables) has a total of (R 2 = 58.1%),significant positive effect on Brand equity.(Refer to Table 3 and Table 4).It signified that the social media engagement variables explained 58% of variance in the Brand equity.And the variables are significant at 1% (as per the Table 4) The hypothesis formulated to study the relationship is as follows: H 0 : There is significant influence of Social media engagement on Value co creation H 1 : There is significant influence of Social media engagement on Value co creation The results of stepwise regression of social media engagement on Value co creation are presented in below tables.The results show that the social media engagement (4 variables) has a total of (R 2 = 47.5%),significant positive effect on Value co creation.(Refer to Table 5 and Table 6).The two variables Conversion and Social presence has been dropped in stepwise regression, as explaining little variance in the dependent variable i.e.Value co creation.It signified that the social media engagement (4 variables) explained 47.5% of variance in the Value Co-creation.And the variables are significant at 1% (as per the Table 6)  The hypothesis formulated to study the relationship is as follows: H 0 : There is significant influence of Social media engagement on E word of Mouth H 1 : There is significant influence of Social media engagement on E word of Mouth The results of stepwise regression of social media engagement on E word of Mouth are presented in below tables.The results show that the social media engagement (4 variables) has a total of (R 2 = 67.2%),significant positive effect on E word of Mouth.(Refer to Table 7 and Table 8).It signified that the social media engagement explained 67.2% of variance in the E word of Mouth.And the variables are significant at 1% (as per the Table 6

V. CONCLUSION
To analyze the influence of social media engagement on various outcomes -brand equity, value co-creation and E-word of mouth in the FMCG Sector.
The section on "Brand Equity," which consists of four statements, was tested for reliability using the Cronbach alpha approach.An alpha number close to one indicates more dependability; nonetheless, reliability is acknowledged when the alpha value is greater than 0.70.The Cronbach alpha values in the present investigation were more than 0.70 for all four statements, indicating the instrument's dependability and acceptance.
For dependability, the section on "Value cocreation," which consists of two assertions, was examined.An alpha number close to one indicates more dependability; nonetheless, reliability is acknowledged when the alpha value is greater than 0.70.The Cronbach alpha values in the present investigation were more than 0.70 for two of the claims, suggesting the instrument's reliability and acceptance.And The section on "E-word of mouth," which consists of four assertions, was tested for dependability.An alpha number close to one indicates more dependability; nonetheless, reliability is acknowledged when the alpha value is greater than 0.70.The Cronbach alpha values in the present investigation were more than 0.70 for all four claims, suggesting the instrument's dependability and acceptance.
The findings of a stepwise regression of social media activity on brand equity.The findings demonstrate

Table 2 :
Relationship between Social media engagement with brand equity, value co-creation and E-word of mouth Correlations Correlation is significant at the 0.01 level (2-tailed).The two tail correlation between Social media engagement with Brand Equity, Value Co-creation and E-word of mouth has been identified with the help of Pearson correlation.The correlation is significant at 1 % for twotailed test for Social media engagement (Brand factors and Consumer factors) with Brand Equity, Value Cocreation and E-word of mouth.(Refer https://doi.org/10.31033/ijemr.13.5.1   3This work is licensed under Creative Commons Attribution 4.0 International License.

Table 3
shown in table 4, b-co-efficient are used to interpret the relationship between the Social Media Engagement and Brand Equity.The strong predictor Brand Affiliation, signified that 1 point increase in it will have 0.80 point increase in Brand Equity.The equation has been represented below to state the influence of other predictors on Brand equity.Brand equity= 0.293 + 0.319 Entertainment + 0.223 Conversion + 0.148 Brand Usage Intent + 0.132 Social influence + 0.80 Brand affiliation + 0.64 Social Presence.
4This work is licensed under Creative Commons Attribution 4.0 International License.As 5 This work is licensed under Creative Commons Attribution 4.0 International License.

Table 5
6This work is licensed under Creative Commons Attribution 4.0 International License.