Perhaps the single biggest improvement I ever made to my studio was to add sound treatment to the walls. I spent a lot of time reading and learning about how to do it correctly and all I can say is, WOW, what a difference it made! Completely a comparison like day and night. All of a sudden my mixes got way better. Perhaps you should consider this. (But, please don't use foam.)
Spend a little time at Ethan Winer's website.
http://www.realtraps.com He has a lot of good reading material and even some instructional videos about improving your recording room acoustics. I've chatted with Ethan before and he is a really cool guy. Perhaps he will stop by here someday and enlighten us even more.
Anyway, many pro studios use an insulation product called Owens Corning 703 and the even denser 705 compressed rigid fiberglass board, the thicker the better. Also investigate that rock wool stuff or mineral wool or whatever they call it.