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Q1 2024 Performance Readout
+41%
Pipeline up 41% QoQ
on flat spend
Cobalt Demand Generation • January–March 2024

Performance vs. Targets

We exceeded plan on pipeline and MQLs; traffic came in 8% below target but with higher quality.

The Funnel

From 184K site visits to $2.8M in closed-won revenue — a 12.4% MQL-to-SQL conversion and 22% close rate.

Site Visits 184,200
MQLs 4,620
SQLs 573
Opportunities 286
Closed-Won 63

Pipeline by Channel

Product-led growth and organic search drove 61% of qualified pipeline; events underperformed at 9% despite 28% of budget.

What Worked

38%

Product-Led Growth

Free trial signups converted to SQL at 18.2%, 3x better than any other channel.

23%

Organic Search

SEO content drove qualified traffic at $0 CAC; technical guides performed best.

19%

Paid Search

Intent-based keywords hit 142% of pipeline target with CPA down 12% YoY.

What Under­performed

Channel Budget Share Pipeline Share SQL Conv Rate
Events & Conferences 28% 9% 3.2%
Display Advertising 11% 4% 2.1%

Event leads cost 4.2x more per SQL and convert at one-third the rate of PLG trials.

"Product-led trials convert 3× better than event leads"

Users who self-serve into the product arrive with higher intent, require less sales time, and close at 54% versus 18% for traditional demand-gen leads.

Recommendations

From Insight

  • → PLG trials convert at 18.2%
  • → Events deliver 3.2% SQL rate
  • → 4.2× cost difference per SQL

To Action

  • → Shift $180K from events to PLG
  • → Expand free trial onboarding
  • → Reduce conference presence to Tier 1 only

Projected Impact

Reallocating 20% of paid budget ($180K) from events to PLG is projected to lift qualified pipeline by an additional 18% in Q2.
Shift 20% of paid budget from events to product-led growth
Approval requested for Q2 reallocation
Contact: Riya Kapadia, VP Demand Generation
riya.kapadia@cobalt.io