Considering stopping your marketing? You may as well close your business.

There have been signs of a global economic recession for many months, but COVID19 has increased those signals.

As a CEO myself, it is no secret that during a slowdown, business slowdown is inevitable; industries have been hit hard by the crisis, causing their revenue to drop.

We don’t yet know how long the recession will last or how damaging it will be, but we must be prepared for a long recovery- a forecast from the International Monetary Fund predicts a nearly 5% contraction in global GDP this year, with projections for the U.S. (8%), Europe and the UK (10.2%) higher than the average.

In recent weeks, companies such as EasyJet, Marriott and Marks & Spencer have announced job losses as a result of COVID19.

When a recession happens, businesses, begin to cut back in various areas, including their ad-spending.

In the aftermath of the last recession in 2008, ad spending in the U.S. dropped by 13%.

Many businesses failed to recover from the financial collapse; the lack of marketing created a decline in sales post-economic downfall.

“The secret of getting ahead is getting started” — Mark Twain