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: