Hi,
When it comes to performance issue, its important that you understand how the application works and then try to narrow down by doing some troubleshooting to see which component is at fault.
In a generic manner, what you checked for is absolutely right. Checking for spike in CPU, Memory and higher IOPS, etc.
Is this a web site ? Where is the client located ? How is the client trying to access this site ? Is it over private network or Internet ? When other client from different destination tries to access the site, was it working ? Is it an issue from client end or at the server end? Can you try to deploy the same application with a higher SKU and check if there are any improvements ?
Its more as asking right questions to narrow down the issue and then take corrective action to fix it.
Regards,
Karthik Srinivas