Social media offers significant scope for consumer engagement and brand building. This paper adds to the extant literature by developing an integrative framework of key drivers of consumer-brand relationships in Facebook brand pages (FBP) including different targets of identification and perceived relationship investment. The empirical study confirms that consumer identification with the FBP, identification with other FBP users, and satisfaction with the FBP significantly influence loyalty towards the FBP. The perceived level of a brand’s investment in the relationship with the consumer both directly influences FBP loyalty and moderates key relationships. Overall, the results provide managerial guidance to strengthen the FBP and consumer-brand relationships by devoting resources and implementing suitable tactics. Our findings highlight that a large portion of business success may be beyond managers’ direct control, and is dependent on non-paying customers who use the FBP, thus influencing holistic brand meaning.