Just because your business is already up and running doesn`t mean you should stop all market research. It`s very important to know your audience at all times, especially since it could end up changing. For example, it is quite possible that your target audience made the switch from VHS to DVD, which would change the way they look at things and what they buy.
You can never have too much information about your target market. Every little bit helps you make connections with them and it`s far easier to promote your business if you have done your market research and know precisely what people are looking for from you. Give them what they want, solve their problems and you`ll end up with a very successful business.
Market research is commonly thought of as something you do before you set up your business and this is certainly when it is most important. However, you need to keep in mind that this is not the only time that you will need to find out about your target audience, so don`t leave market research by the wayside!