What is Performance Max (PMax)?
Malthe Weibeck Thomsen · Growth Hacker · Senior Pull Specialist · 8 July 2026 · 4 min.
Definition
Performance Max (PMax) is a Google campaign type that runs across all of Google's inventory — Search, Shopping, YouTube, Display, Gmail and Maps — steered by one algorithm toward a single conversion goal.
Also called: Performance Max, PMax, P-Max
Sådan virker det
Performance Max er én kampagne, der kører på tværs af hele Googles inventar — Search, Shopping, YouTube, Display, Gmail — styret af algoritmen. Det er effektivt, men uigennemsigtigt, så kontrollen skal bygges ind udefra via feed, custom labels og brand-exclusions.
01Power vs control
PMax is effective because it lets Google find conversions across every placement at once. But it's also a black box: you don't see directly where the money goes, and it happily throws budget at brand searches and bestsellers you'd have won anyway.
That's why we build control in from the outside: segmentation by margin via custom labels, brand exclusions so PMax doesn't take credit for brand searches, and a profit signal via contribution margin as conversion value. Without that frame, PMax quickly optimises toward the wrong thing.
02Feed and signal steer PMax
For e-commerce, the product feed is half of PMax — titles, product type and images determine which searches you match. Feed-only PMax (without image and text assets) gives cleaner, more Shopping-like behaviour when you want control over the assortment rather than broad placements.
Frequently asked questions
Should I exclude brand searches from Performance Max?+
Usually yes. Otherwise PMax takes credit for people who already searched for you, and you can't see the real, incremental value. A separate brand campaign or brand exclusions gives a cleaner picture and better control.
Can Performance Max optimise toward profit?+
Yes — by sending contribution margin as conversion value instead of revenue. Then PMax bids on actual profit across the assortment rather than favouring high-revenue, low-margin products.
Related terms
Glossary
What is PMax cannibalization?
PMax cannibalization is when Performance Max spends budget on, and credits itself for, conversions that would have happened regardless — typically brand searches and bestsellers — so its reported performance is artificially inflated.
Read the entry →Glossary
What are custom labels?
Custom labels (custom_label_0 through 4) are optional fields in the product feed where you can tag products with your own criteria — for example margin, bestseller status, season or stock level.
Read the entry →Glossary
What is tROAS?
tROAS (target ROAS) is a smart bidding strategy in Google Ads that automatically adjusts bids to hit a set target for return on ad spend.
Read the entry →Guide
POAS-driven bidding in Google Ads
Read the entry →Google Ads, Performance Max and feed optimisation are part of our Google setup.
See Google Ads →
Malthe Weibeck Thomsen
Growth Hacker · Senior Pull Specialist at Oaksmond
Pull specialist with 8+ years' experience. Comes from the agency world and has since worked as an independent consultant for several of the country's largest brands.
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