An ad dashboard shows that conversions have dropped. Meanwhile, the people who answer inquiries are still receiving messages. Before changing the campaign, trace an inquiry from the form submission to the inbox and check whether the tracking event fires where you expect it to.
Check what each record counts
Start with the conversion action in the report. It might count completed forms, calls, or another event. Compare it with the corresponding records your business receives. An inbox may include inquiries from referrals and organic search, while the ad report counts activity attributed to ads. Use the same dates and compare the same kinds of inquiries wherever the records allow it.
If you find that forms are delivering messages while tracking has stopped, establish when it stopped. Check whether that lines up with a form replacement, a site release, or a change to the confirmation page. Test the affected path again after fixing it, then mark the gap so it’s visible when you review performance later.
If the records agree that fewer inquiries are coming in, look at what changed in the campaign and on the pages where those ads send people. Start with the campaign or page where the change is concentrated. That gives you a specific place to investigate before changing the budget.
If something like this is happening in your business, tell me what you’ve noticed. We can talk through where to start.