I tested a Pmax Campaign for a Mortgage Business

[c2u5hed]

My experience with pmax is that it’s a piece of crap and a money sucking black hole. Good to know it’s working okay for somebody

[TrumpisaRussianCuck]

Vale based bidding. For lead gen, that’s lead scoring based on what you know about the customer.

[Large-Good1269]

Have you excluded brand searches?

[Taco_Aficionado]

Have you looked at channel level reporting to see which one is producing the most conversions? Or are they evenly spread out?

Chances are that most of them are coming from search, but I would focus attention on whichever arm is producing the most and work backwards from there.

If it’s search, SQRs can obviously tell you a lot about your leads. If elsewhere, maybe it’s worth examining the creative.

But I agree with one of the earlier comments that PMAX is definitely a black hole. I work on one client at a large agency and have probably spent something like $50M on PMAX in the last year. No matter how much data you feed it, it’s still opaque and seemingly just sieves traffic from your best performing search (and shopping in my case) campaigns

[LaPanada]

Connect a CRM and only submit qualified leads as conversions. Only start pmax for accounts that have good quality leads with search so the account has a solid data. That’s about it. People that say that pmax doesn’t work for them use it wrong. Powerful tool.

[PaidSearchHub]

PMax can work for lead gen, but it performs best when you have at least 150 conversions per month, you’re using VBB via API offline conversion imports, and you have standalone landing pages with honeypots (hidden form fields to reduce bot traffic).

IMO, I’d rather spend my clients’ money elsewhere when I need to expand beyond search like demand gen with better controls or even Reddit AMAs.

I’ve worked on accounts that have spent millions testing PMax on and off over the last few years and I personally think it’s a shitty product. It’s great at chasing warm traffic across Google’s ecosystem and producing crappy leads.

[dillwillhill]

Put simply, lead based businesses should not run PMAX campaigns without offline conversions.

Offline conversions are a way to send lead signals to Google only for QUALIFIED leads. Otherwise it will always go for quantity over quality.

[TTFV]

You might want to consider filtering out the low quality leads by using offline conversion uploads only for MQLs. This will help Google understand what quality leads are and prevent it from generating more and more poor quality leads over time.

Also, if you haven’t already done so, ensure you’re not tracking things like click to call or click to email actions as conversions.

[jarvatar]

Really hard to take your post seriously.   What is considered a conversion?

[rm-marketing]

pMax is one big data whore, that only cares for a few things:
– spending max budget (on all channels)
– getting more data for smart bidding
– clicks

The nice thing is you can stack a lot of data into it instead of splitting it up into 5 and not having as much smart bidding data.

Your issue here is you’re telling Google:
“Give me the most amount of leads, no matter the quality”

Because you aren’t tracking quality leads, but just the volume.

So there’s 2 ways in my view rn:
– give Google better data (add more offline conversions as quotable value or sales value)
– stop your pMax, and build some new DSA/Search campaigns from the search terms

But soon Google will also use secondary conversions for smart bidding signals, which is better for us with lead gen clients.

Good luck with the account!

[ronnx1]

Following

[Extension_Flatworm_3]

What’s your offer?

[johnhas61]

Yes don’t use okay campaigns for lead gen. Once the bots find u you’re toast

[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.

[ppcwithyrv]

are these midfunnel conversions? landing page view etc…