Censored brands rarely grow through one channel. A buyer might hear the founder on a podcast, get a recommendation from a doctor, join the email list weeks later and buy from a cart reminder. Klaviyo will credit the last email. The podcast and the doctor get nothing. Without a second source, scope decisions drift toward whatever the dashboard happens to measure.
Wholesale adds a second distortion. A single clinic order can be worth more than a month of consumer purchases. If that order lands in the same window as a campaign, email looks heroic. If it does not, email looks weak. Neither picture is true.