Your marketing budget grew 40 percent this year. Your pipeline did not move. You are not alone. Across Series A through C SaaS companies, the pattern is remarkably consistent: marketing spend increases, dashboards show more activity, the team is busier than ever — and pipeline stays flat or declines. The CEO asks why. The CMO points to impressions, MQLs, and website traffic. The board wants to know which channels close deals. Nobody can answer. This is not a channel problem.