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First I separate channels by intent — branded vs non-brand search, prospecting vs retargeting. I'd reallocate from the worst-ROAS prospecting cohorts into mid-funnel (retargeting, lookalikes off high-LTV seeds) and creative testing, then fix the leakiest step in the funnel (usually landing-page conversion) before buying more traffic. I cut CAC 31% YoY this way while growing volume 2.4× — most of the win was creative velocity + a landing-page rebuild, not bid tweaks.