The account looks healthy. Click-through rate is strong, quality scores are fine, impression share is respectable, traffic is up.
Nobody is buying.
This is a common and specific failure, and it happens because most of what the interface shows you measures the auction rather than the business.
"How much does X cost" and "best X near me" are both relevant. Only one of them is close to a purchase.
Research queries are cheaper, more plentiful, and will make every efficiency metric look better while producing very few customers. They have a place in a mature account with a nurture path behind them. In a small account trying to prove the channel, they quietly absorb the whole budget.
Sort your search terms by spend and read the actual queries. The mismatch is usually visible in about five minutes and is rarely what anyone expected.
Broad match with automated bidding will find volume. Whether it is the right volume depends on what signal you gave it, which is the next problem on this list.
Look at the search terms report rather than the keyword list. The keyword is what you asked for. The search term is what you bought.
The most common version of this: the account is optimizing for form fills or clicks on a phone number, and the business needs booked, qualified appointments.
Google optimizes toward whatever you told it to value. Tell it to value form fills and it will find people who fill in forms, including the ones who were never going to buy. The campaign then gets better at the metric and worse at the outcome, and everything in the interface says it is improving.
If you can send back which leads became customers, do it. That single change reshapes what the algorithm chases more than any bid adjustment.
Search traffic arrives with a specific question. A general homepage answers a general one.
Someone who searched for one service, in one city, should land on a page about that service in that city, with the next step visible without scrolling. Sending that click to a homepage and asking the visitor to navigate is where a large share of well-bought traffic is lost.
This is usually the cheapest fix on the list and the one that gets deferred longest, because it is a web job rather than an ads job and it falls between two people.
Search terms report first. Are you buying commercial intent?
Conversion action second. Is the account optimizing toward something the business actually values?
Landing page third. Does the page answer the query that was searched?
Bids and creative last. These matter, and they matter far less than the three above. Most accounts are tuned here and broken above.