Clickthrough rate going up, and conversions going down?

So……you watch your clickthrough rate steadily increase over the last while, but your conversions are not going up.  Does not seem logical, does it? More clicks should mean more conversions, right?  You have probably already figured this out, but your account metrics do not follow a domino effect.  In fact, seeing improvement in one small area of your account does not always have the profound effect it should.
Why wouldn’t your conversion rate increase when your clickthrough rate goes up?  Well, the first place we are going to want to look is your landing page.  Maybe if you are seeing this happen, it is time to start making some adjustments to your landing page.  Also, maybe you have another landing page that is more relevant to a specific ad.  Also, did you forget to check on some inadvertent changes to your landing pages made my your third party or web design guy?  A quick check to your landing pages can make a big difference here.
If you check on the landing pages and they are not turning up anything significant that can be improved upon, take a look at reviewing your keywords.  Too broad of keywords will obviously yield less targeted traffic.  If you have done any keyword expansion recently, maybe you need to just refine you list of negative keywords.
Lastly, take a look at your ad position and competition.  If you competition is offering a better deal, and your ad had begun to show right under theirs, you are in a bit of trouble.  Even if your competitors ads’ have not shifted, but yours have, you may be in that spot.  In a lot of accounts you may be able to maintain a decent conversion rate in a lower position.  Sometimes you will need a little space.  Also, you could work this the other way too.  If the competition is stacked high on the side of the page, take a look and bidding for the top spot.
Take a look at these above things, to increase that rate to be where it should be!