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I’d try PMAX before demand gen, which is more geared towards upper funnel awareness/prospecting tactics – not something that’s going to drive volume at an efficient CPL. PMAX can work good but add plenty of high intent search themes to give the campaign good signals. Also utilize as much 1P data as you can as audience signals in PMAX as well – the more the better. With that said, you’ll still have to keep an eye on search terms and be good about adding negatives. Another thing to look out for is lead quality – I run into accounts that use PMAX which drive really good in platform conversions as leads, but lead quality sucks.
