I've found a great article with interesting stats about PMax adoption and performance in the Q2 (April-June) 2022.
Data was collected across 2,000+ accounts in the UK, but it is still relevant for the US market. Here are the most interesting nuggets:
Q2 shopping ads spend in:
- PMax has increased to 32%
- Smart Shopping has dropped to 50%
- Standard shopping has slightly grown to 18%
Both Smart and Performance Max outperform Standard Shopping (641 vs 641 vs 492% respectively), BUT Pmax is not significantly better than it was in Q1.
Performance Max campaigns that did not use a Target ROAS achieved a higher ROAS and a better Average Order Value!
Adoption of automated bidding strategies across all shopping ads
89.9% of Google Shopping spend during Q2 was controlled by a fully automated Google Shopping Bid Strategy.
Is the best approach to managing PMax to simply remove the tROAS settings?
Seems this way, it you don't mind reduced transparency and no search term data. And if Pmax is customized for shopping-only traffic.
What has your experience with PMAX been. Hit reply and let me know!