<b>A barbell allocation beats an even tier spread by 18–24% on blended ROAS.</b>

<b>A barbell allocation beats an even tier spread by 18–24% on blended ROAS.</b>

Return-per-dollar index by mix (even spread = 100):
— Even across tiers: 100
— Mid-heavy: 96–104
— Barbell (nano + macro): 118–124

Nano supplies cheap, high-trust conversion volume; macro supplies reach and brand search lift the small accounts can't. The middle tier tends to combine the worst of both — macro pricing without macro reach.

So what: fund the ends, starve the middle, unless mid-tier owns a category niche.

Benchmark: n=140 portfolios modeled, recommerce + DTC, 12-month.