Why is my pipeline growing but deals are not closing at the same rate?

My SQL count is up and pipeline volume looks strong, but win rates are flat and revenue is not moving the way the funnel suggests it should.

At 4.8% and climbing, CVR is inside the top quartile for B2B paid search.

The conversion event fires on form submission.

At $4,200 cost-per-SQL, the pipeline economics do not close against average deal size.