google-ads-pmaxlisted

# Performance Max for B2B PMax can work for B2B, but only with guardrails. Without them it cannibalises branded search, inflates platform-reported ROAS, and spends on low-intent placements while real performance erodes. The default assumption "PMax can't hold negatives" is outdated — it can now, and you must use them. ## Instructions 1. Only run PMax once Search is clean and conversion tracking is solid 2. Cap PMax at 15-25% of total Google Ads spend 3. Apply account-level negatives and brand exclusions 4. Watch for brand cannibalisation in the search-terms overlap 5. Keep asset groups disciplined and themed ## When PMax Works for B2B - After Search is structured, tracking is solid, and you have a clean conversion signal (ideally value-based — see bidding). - As a **15-25% allocation**, not the core of the account. This is the single highest-impact PMax decision and most companies get it wrong by over-funding it. - With Enhanced Conversions for Leads feeding it real lead data, not page-load junk. ## Guardrails (non-negotiable) 1. **Account-level negative keyword lists** now apply to the Search inventory within PMax. Use them — the four buckets (jobs, free, DIY, competitor) belong here too. 2. **Brand exclusions:** stop PMax absorbing branded search volume. Without this, PMax steals credit from branded search and inflates its reported ROAS while real incremental performance erodes. 3. **Asset group discipline:** theme asset groups by intent/audience, not one giant catch