Why is my Reddit Ads subreddit targeting failing so hard?

Hey everyone, I'm pulling my hair out trying to get our new SaaS off the ground, and I thought Reddit Ads would be a golden ticket for finding niche users. But honestly, I'm completely stuck.

My Reddit Ads campaigns are just tanking, especially when it comes to subreddit targeting. I'm talking almost zero relevant clicks, astronomically high CPCs, and not a single conversion. I've spent hours meticulously picking subreddits that seem perfect for our tool, but it's like throwing money into a black hole.

• A/B tested multiple different sets of subreddits, from super niche to slightly broader.
• Tried both extremely narrow and more general subreddit lists, hoping to hit a sweet spot.
• Double-checked my ad creatives and copy rigorously to ensure they're highly relevant to the targeted communities.
• Experimented with various bidding strategies, including CPC, oCPM, and even manual bids, but nothing seems to move the needle.

I feel like I'm missing some fundamental aspect of a successful Reddit advertising strategy. What common pitfalls am I probably falling into with subreddit targeting? Are there any pro tips or alternative strategies for truly finding the right audience on Reddit that someone like me, who's clearly struggling, might not know? Seriously, any advice would be a lifesaver. Help a brother out please...