How to Optimise PMAX Campaigns Without Losing Control of Your Budget

Ever felt like Performance Max campaigns on Google Ads are a wild ride you can’t quite steer? I’ve seen marketers get lured in by the automation, only to wind up puzzled when costs creep skyward and sales start fizzling. Things can get especially dicey if you’re running campaigns for multiple brands or juggling tight margins. If you’re nodding along, you’re definitely not alone. Optimising PMAX while keeping your budget under tight control takes strategic chops and more than a dash of hands-on testing. Here’s how you can turn PMAX from a runaway rollercoaster into a smooth, focused engine for growth. Without letting your spend run riot.

Structuring Asset Groups So Every Penny Works for You

Let’s kick things off with asset groups. Back when I first switched clients from Smart Shopping to PMAX, I assumed Google’s algorithm would magically “just work” if I lumped all assets together. Didn’t take long for me to realise that’s the fast track to generic ads and confused machine learning.

What actually works. Based both on my real-world campaigns and feedback from top UK agencies. Is clustering asset groups around clear themes. Think: separating high-intent products from seasonal promos, or distinguishing by audience segments. This makes your copy, images, and calls-to-action way more relevant. Google’s automation might be smart, but it still relies on the starting material you give it. Keep an eye on which groups eat up the budget, then iterate. I’ve scrapped and rebuilt underperforming groups more times than I care to admit, but the lift in conversion rate has always paid off.

• Break asset groups down by product type, price range, or audience intent
• Avoid overloading a single asset group with too many disparate products
• Reuse assets selectively; what works for one persona often flops with another

Feed-Only Strategies vs. Multi-Asset Campaigns

The question always comes up: should you go feed-only (leaning on your product listings with minimal creative) or deploy full multi-asset groups with loads of imagery, videos, and sitelinks? Here’s what the data and first-hand experience suggest:

Feed-only makes sense if your product info is rock-solid and your feed is highly optimised. For big retail brands, this approach often means precise control, because you’re letting Google do what Smart Shopping did so well. Match products to queries based on feed quality and audience signals. There have been cases in which KPIs like ROAS improved over 20% after switching a clunky multi-asset campaign to a sharp, feed-only setup.

Multi-asset PMAX comes into its own when you’re launching new lines or chasing discovery traffic. Creative assets can help you tell a better story and warm up cold audiences. Just be wary: if your creative isn’t up to scratch, costs can spiral with little return. Run split tests, compare multi-asset with feed-only groups for key SKUs, and let the numbers guide you.

Getting Conversion Tracking & Audience Signals Right

No matter how sharp your asset groups are, if your conversion tracking is off, your budget will be too. Over time, I’ve repeatedly had clients find out the hard way that missing or double-counted conversions can leave you chasing phantom results.

Stick to this checklist for bulletproof conversion tracking:
– Use Google Tag Manager to layer in tags for purchases, calls, form fills. Whatever truly matters
– Double-check attribution settings match your business model (single vs multi-touch)
– Test regularly by running “dummy conversions” to ensure the setup is firing
– Exclude low-value conversions that can distract algorithmic bidding

Audience signals are the other half of the puzzle. These aren’t strict targeting levers, but they help nudge Google’s AI in the right direction. When I started layering in data from engaged email subscribers and high-value customer lists, campaign efficiency shot up. Don’t be shy about using CRM exports, website visitors, or even lookalike segments as signals.

Watching Budget Pacing Like a Hawk

Hands up if you’ve logged into Ads only to see PMAX burn through a week’s spend overnight. Yep, it happens. PMAX does allow for daily variances in spend, so you’ll need to check your pacing, not just your set daily budget. I recommend reviewing your spend every day, especially during promotional periods or when seasonality could spike demand.

Major warning signs:
– Daily spend consistently overshooting the target (time to rein in targets or redistribute budgets)
– Significant dips in ROAS or cost per conversion
– New asset groups eating into your core campaigns’ performance

Some marketers use portfolio bid strategies or shared budgets to smooth out spend. My two cents: keep PMAX budgets siloed unless you have a concrete reason to link them, so you’re not robbing Peter to pay Paul.

Digging Into Placement and Listing Group Insights

Don’t let PMAX’s black box reputation throw you. Yes, you get fewer levers than in Search. But you can absolutely pull out useful diagnostic data to steer things. Reporting dashboards like “Insights” within Google Ads can reveal which placements (YouTube, Gmail, Display, Search) are driving results. If you see a big chunk of spend heading to low-engagement placements, it’s time to revisit asset group content or consider negative keywords where eligible.

Listing group insights show how individual products or categories perform. I once had a campaign where a handful of under-priced accessories burned 30% of the total budget, dragging ROAS down even though the top sellers were flying. Splitting those low-ROI categories into a separate group and reducing their budget changed everything. This principle holds true: tweak, isolate, and monitor until you’re certain every pound is earning its keep.

Keeping Eyes on the Prize

Running PMAX isn’t about letting go of the wheel and hoping automation works magic. It’s collaborative. Your strategy, Google’s tech, and relentless measurement. The landscape changes fast, and every tweak based on what the data tells you will compound your wins over time.

If you treat PMAX like a set-and-forget machine, costs will creep up and results will flatten. Stay proactive, keep cutting what doesn’t serve you, and insist on only the best data guiding your bids and creative.

Take it from someone who’s spent too many late nights refreshing reporting dashboards: that extra effort makes PMAX not just cost-effective, but truly rewarding.

Ready to get more from your spend? Start auditing your structure today, run small split tests, and keep asking hard questions about where your budget’s going. The control is yours. If you reach out and grab it.

Frequently Asked Questions

How often should I restructure asset groups in PMAX?

Restructuring isn’t about a fixed schedule, but about responding to performance data. When you notice asset groups underperforming over several weeks, or as your product lines and goals evolve, it’s time for a review. Test changes on small groups before scaling to avoid disruption.

Is feed-only PMAX always better for ecommerce brands?

Feed-only works well when your product listings are highly optimised, and you’re focused on lower-funnel intent. For brand building, launches, or markets where visual storytelling is key, adding creative assets can boost results. Just remember to scrutinise performance before rolling out widely.

What’s the best way to control spend if daily budgets keep fluctuating?

Regular budget checks are vital. Use tools like budget alerts within Google Ads, monitor spending daily, and consider breaking campaigns across themes or goals. If fluctuations persist, lower your daily cap and review your bid strategies to prevent overspending.

Can I exclude non-performing placements in PMAX?

While PMAX doesn’t offer the same placement exclusions as Display, you can use account-level exclusions for some placements like YouTube or Mobile Apps. Analyse insights reports and remove any obvious low-performance areas using negative strategies where possible.

Should I change my conversion actions for PMAX versus Search campaigns?

If your business goals differ (e.g., lead generation on Search, ecommerce on PMAX), set distinct conversion actions. That lets Google optimise for the right outcomes. Make sure your tracking is watertight. Review regularly so you don’t chase the wrong targets.