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Investigate Lead to Demo Drop

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The question is on your right: Investigate Lead to Demo Drop. Take a moment with it first.

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Scenario

You are the product growth analyst for a B2B HR and finance software platform. Over the last 4 weeks, lead to demo conversion fell from 18% to 13%, while lead volume stayed flat and demo capacity was unchanged. The drop started after a new self-serve pricing page and contact form launched, and sales says demo quality looks mixed. Marketing wants to know whether the issue is lead quality, form completion, routing, or sales follow-up.

Question

How would you investigate a drop in lead-to-demo conversion?