What we take over as your PMax agency

Performance Max runs one campaign across Search, Shopping, YouTube, Display, Discover, Gmail and Maps. Google picks the placement, the audience and the bid. You control the inputs: feed, assets, exclusions and targets. We rebuild those inputs, and your team only approves.

Account audit

Search terms, channel split and brand share in your current PMax campaigns, checked against your shop numbers.

Brand split

Brand exclusions in PMax, a separate brand search campaign, and reporting that shows both apart.

Feed and listing groups

Your Google Shopping feed decides which searches your products reach. We fix titles, attributes and custom labels first.

Asset groups by margin

Each margin class gets its own asset group or campaign with its own target ROAS.

Assets

Headlines, descriptions, images and video filled to every slot, tested against each other.

Measurement in your shop

Revenue after returns from your shop backend, next to what PMax reports.

Where Performance Max spends money you don't see

PMax optimizes for conversion value. The cheapest conversions come from people who already know your brand or bought before. Left alone, the campaign drifts toward them and reports their orders as its own win.

Brand exclusions help, with a limit. According to Google Ads Help, brand exclusions in Performance Max apply only to Search, Shopping and YouTube search inventory. Display, Gmail and the rest of YouTube still reach people who know you. That is why we check these reports first:

Check	Where in Google Ads	What we look for
Brand share	search terms report in PMax	share of spend and conversion value from your brand name
Channel split	channel performance report	spend on Display and YouTube without sales behind it
Brand exclusions	campaign settings, brand lists	missing lists, misspellings of your brand
Product spend	listing groups, product report	products with spend but no sales, or sales below break-even
New vs returning	customer acquisition goal	whether PMax bids the same for both

Google Ads Help documents both the search terms report and the channel performance report for PMax. Many teams never open them. Both show you where the money goes before you change a single setting.

Asset groups by margin class

One target ROAS for the whole catalog means Google overspends on thin-margin products and holds back on the ones that pay. We tag every product with a margin class in custom_label_0 and give each class its own asset group or campaign:

Margin class	Contribution margin	Break-even ROAS	Target ROAS at 10% profit
High	50%	2.00	2.50
Medium	35%	2.86	4.00
Low	20%	5.00	10.00

Target ROAS = 1 ÷ (contribution margin − profit target)Assumes your conversion value is net revenue after returns. If it includes sales tax or returns, raise the target.

The low class often needs a ROAS Google can't reach. We then cut its budget or pull it out of PMax, and the freed money goes to the high class.

How working with us runs

01
Intro call with Tobias
30 minutes. We look at your PMax numbers and tell you whether we see the $100,000.
02
Day 0: lock in the baseline
The same 90 days last year plus your trend, measured in your shop backend minus returns.
03
Day 1 to 14: stop the waste
Brand exclusions, a clean brand campaign and cuts on products below break-even.
04
Day 15 to 45: rebuild
Feed, custom labels and asset groups by margin class. You get a detailed review on day 30.
05
Day 46 to 89: scale
Budget moves into the classes that earn contribution margin. Weekly status with shop numbers.
06
Day 90: measure in your shop backend
+$100,000 in revenue or all three monthly retainers back.

Results with Google Ads and Performance Max

We have managed $720M in revenue. At NuBest, brand and new customers were mixed and Shopping was left unused. At Luca Faloni we segmented Google Shopping by product labels.

Revenue +90%. Same budget.

ROAS 2.5 → 5.5 after restructuring Google Ads and feeds

Italian premium fashion.

Google Shopping segmented by product labels

Google Ads profitable within a month.

Full data clarity in 30 days

Retainer back guarantee

+$100,000 revenue in 90 days at the same ad spend.

No +$100,000 on day 90? All three monthly retainers back. Measured in your shop backend, not the ad account.

The guarantee starts at $3M annual revenue. You can still book a call below that. See the conditions

How to spot a good PMax agency

It shows you the brand share from the search terms report before it talks about ROAS.
It asks for your margin and sets a target ROAS per margin class.
It works on the feed, since PMax has no keywords to steer.
It measures in your shop backend and explains why PMax reports more.
It does the work itself instead of sending you task lists.

PMax is one part of an account. Search, Shopping and PMax chase the same buyers, so we steer them together as a Google Ads agency. What clicks cost in your market is in our guide on Google Ads cost. We see ourselves as a growth partner, and the guarantee terms are in writing.

PMax agency questions

What does a PMax agency do?

It audits and rebuilds Performance Max campaigns: feed, asset groups, brand exclusions and target ROAS. A good one measures the result in your shop backend, not only in Google Ads.

Does Performance Max cannibalize brand searches?

Often, yes. PMax picks the cheapest conversions, and brand searches convert best. Brand exclusions stop this on Search, Shopping and YouTube search, and a separate brand campaign keeps the numbers apart.

Can I see search terms in Performance Max?

Yes. Google Ads now has a search terms report for PMax under Insights and reports. It shows which queries triggered your ads and which ad format served.

Should I run Standard Shopping next to PMax?

In many accounts, yes. Standard Shopping gives you bid control per product group, PMax gives reach. Each gets a clear job so they don't bid against each other.

How much does your PMax management cost?

That depends on the size and starting point of your brand. After the intro call you get a fixed offer in writing, before anything starts.

We are under $3M in annual revenue. Can we still work together?

Yes. Book a call. The guarantee starts at $3M, and we find the right starting point together.

What is your Performance Max really buying?

On the intro call Tobias looks at your PMax numbers with you and shows where brand and low-margin products eat the budget. 5 quick questions, then book straight with Tobias.

Book your free intro call→

Sources

PMax agency for e-commerce: see what Performance Max buys