How ad targeting wrecks conversion rates even when you have great copywriting

Did you know... something as seemingly small as your ad targeting can actually suppress how well your copy will convert at every stage of your funnel?

For the last few months, I've been optimizing a lead-gen funnel with a client. We have enough data to know (with a high degree of confidence) that the copy is resonating with prospects.

The funnel is converting extremely well on the front end.

Our question: Why aren't we seeing more conversions on the back end?

Well, for one thing... the ad targeting is off.

Here's how that impacts the back-end conversion rates: ??