How important is understanding a potential sponsor's business plan before approaching them?

Understanding a sponsor's plan is crucial before making an approach. As Tony Yorkman advises, 'Don't build a plan around an opportunity, find opportunities to fit their plan.' When you understand what products a company is launching, what markets they're targeting, and what their marketing goals are, you can position yourself as a solution to their needs rather than asking them to fund your racing. This approach gets you to the end result much faster.