My hypothesis is that there's a more important factor. Cosmetics companies' expected return on an ad in a women's magazine is higher than tech companies' becaus

My hypothesis is that there's a more important factor. Cosmetics companies' expected return on an ad in a women's magazine is higher than tech companies' because of the focus. For a tech company women are at best 50% of their target market. For a cosmetics company, women are the market. Their Excel sheets just show they can bid higher on the ads than tech.