I often see folk using acoustic foam or very thin insulation as treatments, either because they believe their room only has mid and high frequency problems, or are misguided in thinking that it offers broadband absorption. The key to good sound is even reverberation/decay times across all frequencies. Plastering your walls with foam will reduce decay times of high frequencies but won't touch the bass, usually resulting in a lopsided balance that is still boomy/smeary/resonant but now with the sparkle and ambience stripped out, - a worse result than before!
If you don't trust your ears to tell you how balanced your room currently is, a quick frequency sweep with REW will show you how even your decay times are across the frequency range. If you're averaging under 500ms then you're already in a pretty good place. Low frequencies usually resonate the most in a room, so you will often see the decay times rising sharply below 100Hz.
The goal is to push the starting point of this rise to as low a frequency as possible, and also reduce the rise to a level that's closer to your average decay times from 100Hz to 20kHz, but do so in a way that DOESN'T also inadvertently reduce the decay times from 100Hz to 20kHz. Damping low frequencies requires THICK broadband absorption and lots of it, and/or more targeted treatment such as tuned traps. These can be faced with a reflective material so that mid- and high-frequencies are reflected back into the room and not over-absorbed.
A lot of this is a learning process of trial and error, you can't expect to get everything right at the first attempt. I've possibly gone slightly OTT with my room treatment (my decay times above 80Hz are down to 300ms, closer to 400ms would perhaps be more natural), however the result is so much better than without the treatment, and better than the sound of any other room in the house without treatment, that I would happily choose my treated room to listen in every time.
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