Impressions and clicks measure exposure and interest, not intent to act. A campaign can generate strong click volume and produce zero downstream conversions if the audience, timing, or post-click experience doesn't match. The gap between click metrics and action metrics is where budget is lost.
Budget is reallocated toward high-click campaigns that don't convert, while the post-click experience gap goes unaddressed.
Click-through rate stops being a reliable proxy for campaign effectiveness or downstream conversion.
Campaign click volume is strong but downstream conversion events — trial signups, purchases, form completions — are not moving proportionally. The ratio of clicks to conversions is widening over successive campaigns, not stabilizing.