PMax performance stable, but Search CPCs increasing

PMax performance stable, but Search CPCs increasing

ROAS up 4% YoY

CPA down 15% YoY

CPC down 10% YoY

Conversion rate up 5% YoY

Shopping campaigns without PMax:

ROAS up 13% YoY

CPA down 3% YoY

CPC down 10% YoY

Conversion rate down 7% YoY

PMax is helping drive ROAS and conversion rate improvements for shopping campaigns, but search campaigns are seeing the biggest conversion rate gains, the data suggests. Meanwhile, shopping campaigns without PMax are delivering the highest ROAS.

What they are saying. “PMax CPCs are about 50% cheaper than search because they factor in visual content,” said Optmyzr Brand Evangelist Navah Hopkins, who shared the data on LinkedIn. She advised investing in visual creative:

“If you’re struggling with the cost of search, visual content tends to be cheaper and can deliver meaningful ROAS and decent CPAs if you layer in great creative and accurate conversion tracking + values.”

Impression share effect. One concerning trend is the growing impact of impression share loss, which could limit the overall effectiveness of these campaigns. Across search and shopping, impression share loss was higher for PMax campaigns compared to non-PMax.

Bottom line. While PMax continues to show modest improvements, rising costs and impression share loss risks eroding those gains. Advertisers may need to closely evaluate the tradeoffs and find the right balance of PMax and other campaign types to optimize performance.

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