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Unfortuately, its very hard to know which part of the money is getting wasted. If you have a small set of customers / loyals you can check with them as to 'where they heard about you' etc. But most of the times, its just not possible to have that kind of filter.
Best way out is to possiblly try out range of strategies in off-season to check out which one is giving better results. A snap poll survey among your customers will also be good.
In the products that I have worked on, we found that TV gave us the lowest ROIs. Best happened to be emailers and POS prints. [Again, this is product dependent]
