When impressions hold steady and clicks fall, the problem is not visibility. You are still appearing; fewer people are choosing you. That narrows the search considerably.
Work through these in order
1. Check average position within the same query set. A slide from 3 to 6 barely moves impressions but takes a large bite out of clicks. Compare position for your top queries specifically, not for the property, because the property average is dominated by the long tail.
2. Look at what else is on the results page. An AI overview, a new featured snippet, or an expanded shopping block pushes the organic results down without changing whether you appear. Your position number can stay the same while your actual pixel position drops.
3. Compare title and description against what is being served. Google rewrites titles frequently. Check what is actually displayed rather than what is in the markup — if a rewrite is producing something generic, CTR falls without any ranking change.
4. Check the query mix. If you have started ranking for a batch of new, lower-intent queries, impressions rise or hold while clicks do not follow. This shows up as a CTR decline that is really a composition change. Segment by query to see it.
5. Rule out seasonality before anything else. Compare against the same month last year, not just last month. Some categories have a reliable annual shape and the drop is a calendar artifact.
What not to do
Do not immediately rewrite titles across the site. A CTR drop concentrated in a handful of queries is a targeted problem; a site-wide change makes it impossible to tell what worked. Isolate the pages that account for most of the lost clicks — usually a small number — and change those first.