If you're running a Performance Max (PMax) campaign, it can feel like a black box, but there are key metrics you should check every week to ensure it's actually working.
Here’s what to monitor:
1. Conversions (Primary Goal)
This is the most important signal. Whether your goal is purchases, leads, or calls, make sure you're tracking only primary conversions (not view-through or secondary actions).
2. ROAS (Return on Ad Spend) or CPA (Cost per Acquisition)
Depending on whether you're using tROAS or tCPA bidding, keep an eye on how efficient your spend is.
If ROAS is trending below target, consider creative fatigue or audience mismatches.
If CPA is increasing, assess whether you're wasting budget on low-intent traffic.
3. Asset Group Performance
Break down how each asset group is doing, especially if you're using different themes or audience signals.
Which images, videos, or headlines are labeled “Low”? Replace them.
Are certain groups pulling most of the conversions? Double down there.
4. Search Term Insights
PMax doesn’t give full keyword reports, but the Search Term Insights tab is gold.
Look for irrelevant queries burning your budget.
Add negative keywords if needed (yes, you can request that now).
5. Top Listing Groups (if eCommerce)
For eCommerce, check which products are getting the most visibility and conversions.
6. Impressions and Clicks
These are early signals. If clicks are dropping but impressions are rising, something’s off with your creatives or audience targeting.
7. Audience Signal Engagement
Even though PMax uses automation, audience signals guide it early on.
If your campaign isn’t stabilizing after 7–10 days, try refining the signals.
Exclude underperforming customer lists or segments.
Bonus: Check for Asset Fatigue
Rotate your creatives every 3–4 weeks. PMax relies heavily on fresh content, especially for top-of-funnel.
In summary:
Track Conversions, ROAS/CPA, Asset Group ratings, Search Terms, and Listing Group performance weekly. Use those insights to make small but smart optimizations.
