Performance Max Statistics You Wish You’d Known Sooner

It’s no secret that Performance Max has been the newest campaign on the block. It was designed to complement your keyword-based search campaigns to help find more converting customers across all of Google’s channels. Since it was rolled out in November 2021, it’s been continuously tested and monitored by multiple businesses.

Now that all campaigns will be automatically upgraded to Performance Max, many retailers are sceptical of the benefits it has to offer. However, like any new campaign roll-out, it’s important to stay ahead of the competition and start understanding how Performance Max can impact your Google performance.

Many benefits have been identified for Performance Max, with a couple being identified in a previous blog here. However, one that Google continues to highlight is that retail advertisers using Performance Max have an average 12% increase in conversion value at the same or better return on ad spend (ROAS) when upgrading from Smart Shopping campaigns. Many businesses adopted Performance Max campaigns earlier on to trial out the results. Google has shared some of these success stories to showcase the encouraging results.

Moneyme Saw a 22% Increase in Conversions and a 20% Reduction in Overall CPA Across the Account.

MoneyMe, a digital financial services company, main objective for utilising a Performance Max campaign was to rapidly grow and acquire new customers through lead generation whilst reducing their overall CPA.

To establish a baseline target CPA, maximise conversions was initially used as the bidding strategy. Once a baseline cost was in place, a target CPA bidding strategy was used to scale the campaign profitably. After six weeks of utilising Performance Max, MoneyMe was able to decrease its overall CPA by 20% while also increasing its conversion rate by 22%. MoneyMe continues to run Performance Max alongside other marketing channels.

Saic-Mg Motors Saw a 83% Decrease in CPL and a 39% Increase in New Leads.

SAIC-MG Motors adopted Performance Max campaigns to break into an extremely competitive automotive industry. Their campaign objectives included brand awareness and lead generation.

SAIC-MG Motors helped boost their Performance Max campaign by utilising their remarketing data to create audience signals and uploading excellent creative assets. This led to a 39% increase in test drive leads at an 83% lower cost-per-lead compared to the account average. Performance Max continues to be a part of SAIC-MG’s marketing and media strategy.

Deezer Saw a 28% Increase in Subscriptions and a 15% Reduction in Cost per Subscription.

Deezer, a music streaming service, experimented with Performance Max to scale their online subscriptions and acquire new customers across media channels. Deezer constantly experimented with new features and fluidly allocated budgets to different marketing strategies which generated growth overtime.

The approach they took was a 3-step process where they launched the campaigns within different web path markets to make a comparison on the CPA. They saw subscriptions increase by 28% on the web, while the cost-per-subscription also decreased by 15%. Deezer are still completing global roll-out to continue emphasising and growing their web subscriptions with a competitive CPA since adopting Performance Max.

Neo4j Saw a 157% Increase in New Enterprise Leads at a 54% Lower CPA.

Neo4j, a graph database management system, turned to Performance Max to increase online form completions. They developed a plan to implement Performance Max with its lead generation marketing objectives in mind.

Neo4j repurposed their creative assets from existing campaigns to launch their Performance Max campaign which was launched across multiple platforms to maximise their reach. Offline conversions were imported to measure the quality and quantity of leads and imported into Google Ads. Since integrating Performance Max, Neo4j has since seen a 157% increase in the number of new enterprise leads at a 54% lower CPA. Due to this enormous growth, Neo4j has now reallocated budgets from other platforms towards Performance Max.

Are You Ready to Launch Your Own Performance Max Campaign?

Multiple businesses have seen positive results from trialling Performance Max campaigns. As shown above, there is a clear trend in Performance Max increasing conversions whilst reducing the overall CPA.

However, it’s important that you’re set up for success before launching your Performance Max campaigns. Each case study has showcased that preparation needs to be done in advance before launching Performance Max campaigns to give yourself the best success at receiving growth.

The main points highlighted within these case studies for a successful set up are:

• Setting a specific advertising goal and ensuring your bidding strategy is optimised for that particular goal.
• Creating quality and relevant creative assets.
• Launching across multiple advertising channels to ensure you’re maximising on customer reach.
• Creating audience signals to understand who your customers are and where they come from.
• Continue running other forms of advertising alongside Performance Max.

These are just a few points outlined by businesses that have assisted with successful results. If you’re able to steer your Performance Max campaign in the right direction, you’ll quickly reap the benefits and results.

Embryo offers many services including PPC where we take pride in keeping on top of the latest campaigns that can keep our clients ahead of competition, including Performance Max campaigns. If you’d like to learn more about our services and how we can help your business, we’d love for you to get in touch.