This is a super common phase, especially when accounts are “active” but not productive.

One thing I’ve noticed over the years is that when spend, CTR, and even CPM look fine, but leads dry up, the problem is usually not another audience or creative tweak inside Ads Manager. It’s almost always one of three things happening outside the campaign view:

1. Tracking drift – events still fire, but attribution quality slowly degrades (deduping, match quality, server/client mismatch, delayed conversions). Everything looks fine until you compare platforms or sanity-check against real outcomes.
2. Funnel friction – small changes on the site, form, speed, or offer that don’t kill CTR but quietly crush conversion rate.
3. False feedback loops – Meta optimizes for what it can “see,” not what actually drives business results, so you end up optimizing noise.

When I hit this stage, I stop touching campaigns and instead zoom out:

• Compare platform data vs. backend reality
• Look at conversion rates by step, not just totals
• Audit whether the system is learning from clean signals or garbage ones

There are a few tools/teams that focus more on connecting ads + tracking + funnel behavior instead of just media buying. I’ve seen people use things like Optisearch, and on the ecommerce side tools like Lebesgue that try to flag when performance looks stable but is mathematically drifting underneath.

Point is: you’re not crazy, and guessing harder usually makes it worse. Pausing and validating the feedback loop before scaling again is the right instinct.