Reply To: I tested a Pmax Campaign for a Mortgage Business

[shitalimalviya]

I’ve seen this pattern in many accounts.

PMax usually performs really well in the initial phase, volume comes fast and CPL looks amazing.
But after 3–4 months, when real optimization starts kicking in, it becomes tricky and results often dip, especially on lead quality.

What worked for me:

* I broke the single PMax setup into Top / Middle / Bottom funnel intent buckets
* Tightened signals (search themes, audiences, exclusions) instead of letting PMax go too broad
* Shifted higher-intent queries and remarketing closer to BOF

After restructuring, performance and lead quality stabilized again.

PMax is powerful, but it needs more control over time — otherwise it optimizes only for volume, not quality.

Still profitable, but definitely not a “set and forget” campaign.