PMax performance stable, but Search CPCs increasing

PMax performance stable, but Search CPCs increasing

The latest performance data for Google Ads campaigns running Performance Max (PMax) in Q3 2023 vs. Q3 2024 paints a mixed picture, according to an Optmyzr study. While advertisers saw modest year-over-year gains in return on ad spend (ROAS) and conversion rates, rising costs cut into those improvements.

The key metrics.

ROAS: Up 1% YoY, from 609.77% in Q3 2023 to 616.36% in Q3 2024

CPA: Up 8% YoY, from $13.92 in Q3 2023 to $15.15 in Q3 2024

CPC: Up 6% YoY, from $0.50 in Q3 2023 to $0.53 in Q3 2024

Conversion Rate: Down 3% YoY, from 3.56% in Q3 2023 to 3.47% in Q3 2024

The data suggests PMax is delivering modest ROAS improvements, but rising CPAs and CPCs are eating into those gains. Conversion rates also slipped year-over-year.

When breaking down the data by campaign type, a more nuanced picture emerges.

Search campaigns:

ROAS up 2% YoY

CPA down 3% YoY

CPC up 22% YoY

Conversion rate up 21% YoY

Shopping campaigns with PMax:

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