The growth of the Internet and social media has led to companies considering the use of influencers in sponsorships and collaborations on Instagram. The subject has been problematized and the gap found is a need for a framework combining different factors when identifying influencers, which resulted in the following research question; From both a company- and consumer perspective, which factors are important to take into account when identifying an influencer for sponsorships and collaborations on Instagram? The purpose is first to identify and incorporate important factors discussed in previous research into a proposed framework, which aims to be used when identifying influencers to sponsor on Instagram. Second, after conducting the empirical research, the framework is extended depending on the new collected information. Background theories and concepts that lay the foundation to influencer marketing are presented. Also, previous frameworks regarding identification of influencers are introduced. The theoretical framework chapter is concluded with a proposed framework alongside introducing the factors. Abductive research strategy is used as well as a method triangulation, using both a qualitative and a quantitative approach. The study is an explorative research due to conducting both a documentary analysis and a questionnaire. The factors studied have shown to be of different importance for companies and consumers. The findings indicate that there are multiple types of influencers. The Updated influencer identification model consists of seven important factors; ideal, trust, popularity, productivity, managing sponsorships and collaborations, information content and visual aspect.