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Pmax is a great if you have moderate to high volume good quality conversion data. If you don’t, it can be terrible.
Several conversions per day for ecommerce. It has a clear signal to optimize and should do well.
If you’re running low-volume high-value lead generation it generally doesn’t work well (e.g. B2B client gets maybe 5-10 form fills per month, only 1-2 are actual SQLs).
Even worse is soft-conversion engagement campaigns. Client doesn’t directly sell anything online, just looking to get people engaging with their site (e.g. newsletter signups, PDF spec sheet downloads, website dwell time/page engagement). The legion of bots on the display network will fire an endless stream of junk conversion data back into the algorithm by triggering soft conversions and you’ll find your placements report littered with spam websites and apps with insanely high CTR and conversion rates.
