Internal Referral accounts for just 1.3% of total leads (413 of 32,203) but produces 150 of 206 Closed Won deals — 73% of all revenue. Its lead-to-SQL rate is 73.4% vs. 3.6% overall, and its opp-to-win rate is 78.1% vs. 44.2% overall. This is the highest-quality source by a wide margin.

Together, Facebook (12,457) and Paid List (9,018) make up 67% of all leads yet produce only 127 SQLs (15.6% of total), zero closed won deals from Paid List, and only 2 from Facebook. Paid List's lead conversion rate is 0.1% — these leads are unlikely to justify their cost without significant qualification changes.

Closed Won by close date shows a near-doubling trend: Jan: 14 → Feb: 34 → Mar: 60 → Apr: 98. This is a much more optimistic growth picture than the created-date view (Jan: 26, Feb: 53, Mar: 68, Apr: 59), which plateaus. The close-date view reflects real revenue recognition and points to strong momentum heading into Q2.

SQLs by converted date jumped 168% from March to April (158 → 424), and Opps jumped 118% (98 → 214) — while lead volume only grew 4% (10,404 → 10,825). This confirms a 1–3 month lag between lead creation and conversion. April's conversion activity is largely attributable to leads that entered the funnel in February and March.

The opportunity-to-close rate has improved every single month: Jan 29.2% → Feb 35.8% → Mar 51.5% → Apr 60.2%. This suggests the sales team is getting better at qualifying opportunities, or that the mix of opportunities is shifting toward higher-intent sources. Either way, the direction is a strong positive signal.

No Reply accounts for 45% of all disqualified leads (9,890 of 21,949) and is also the top closed lost reason at 34% (88 of 260 lost opps). The problem persists all the way through the funnel — from initial outreach to late-stage deals. This points to a systemic follow-up or contact cadence issue, especially for Facebook and Paid List sources.

Internal Referral has an average Overall TAT of 12 days and Opp TAT of 9 days. Facebook averages 49 days overall and 43 days for the opp stage. Apollo is the slowest at 65.5 days. Faster cycles from higher-quality sources mean less sales effort per dollar of revenue — another argument for investing in referral channel growth.

Among paid/inbound sources, Google converts at 3.6% lead-to-SQL and 33.3% opp-to-win, producing 24 Closed Won deals. Lead Aggregator converts at 15.2% lead-to-SQL (the highest of any non-referral source) with 4 Closed Won. Both have TATs under 30 days avg. In contrast, Apollo's 0.2% conversion rate and 65-day TAT suggest a poor fit for the current strategy.

Prior Customer converts at 28.4% lead-to-SQL (Upsell) and 50% opp-to-win (Upsell), indicating high intent. Upsell has the fastest TAT outside Internal Referral at 8.8 days avg. However, these sources are volume-constrained (473 and 413 leads respectively). Growing the existing customer base for upsell/cross-sell represents a high-efficiency opportunity if lead volume can be increased.

Total disqualifications jumped from 5,253 in February to 8,811 in March (+68%). The primary driver was 1,419 "Temp Lead for New Hire" entries, nearly all from Prior Customer — a data quality issue, not a market signal. Stripping out Temp Lead entries, the underlying disqualification volume was roughly consistent with prior months. This category should be excluded from headline disq metrics going forward.