The campaign settings look fine. Quality scores are healthy. Conversion rates are above industry benchmark. The CFO still asks why search isn't producing pipeline.
The answer is what the algorithm is being told to optimize for.
When a Google Ads campaign optimizes for "leads," it learns from form-fill events. Form-fillers include: students, competitors, vendors, internal team members, and the occasional real buyer. The bid algorithm doesn't know the difference. It learns to find more form-fillers, because that's what counts as success.
Six months later, leads are up. SQLs are flat. Pipeline is flat. The conversation with finance gets harder.
The fix isn't a better campaign structure. The fix is showing the algorithm what a real buyer looks like — by piping deal-stage signals from your CRM back to Google Ads as offline conversions.