The Channel That Looks Efficient Only Because of Lag

content_seo's month-aligned CAC swings from ₹2,500 (looks terrible) to ₹100 (looks amazing) two months later, purely because its signups lag its spend by 2 months. Once spend is compared against signups from 2 months later, the channel's true CAC is a steady ₹500 all year. affiliate also has a bad-looking CAC, and it's tempting to write it off the same way — but its signups genuinely decline every month no matter what lag you test.