Paid channel

Performance Max

Blends brand and shopping inventory, so read it alongside search Figures cover Group for 21 Sept 2026 to 18 Oct 2026, last-click unless a column says otherwise.

Business

Period

Revenue

$17,317

4.8%2.6% of online revenue

Media cost

$4,849

4.7%3.57x return on spend

Orders

122

4.8%$142 average order

New customers

58% of channel orders, $69 CAC

Revenue and cost

Daily trading, 21 Sept 2026 to 18 Oct 2026

Efficiency

Return on the cost the channel carries

Delivery health

The channel-native measures that explain the result

Measure	Now	Target	Read
Average CPC Blended across brand and non-brand	$0.86	Under $1.60	On track
Search impression share Head room available before creative or bid changes	49%	Over 70%	Off track
Brand traffic inside PMax Brand cannibalisation is the main risk in this channel	38%	Under 25%	Off track
New customer share Use the new customer acquisition goal to keep this honest	58%	Over 55%	On track

Native metrics

Straight from the platform

Impression share

64%

Lost to budget

16%

Avg CPC

$1.28

Brand share of spend

36%

Share of paid revenue: 11.5% across 7 channels. Week on week revenue +6.5%.

Campaigns

Where the budget actually sits inside the channel

Campaign	Objective	Cost	Revenue	Return	Orders	Cost per order	CTR	CVR	WoW	Read
PMax - core range	Revenue	$2,562	$8,971	3.50x	67	$38	0.69%	4.33%	+6.7%	On track
PMax - subscription	Acquisition	$1,200	$4,807	4.00x	33	$36	1.25%	3.73%	-7.9%	On track
PMax - equipment	Revenue	$814	$3,129	3.84x	21	$39	1.04%	5.02%	+1.7%	On track

Asset groups and inventory

PMax blends brand, shopping and display, so read it alongside search

Segment	Detail	Cost	Revenue	Share	Return	New customer share	Read
Shopping inventory	Overlaps Google Shopping	$2,145	$8,599	47.6%	4.01x	67%	On track
Search inventory	Overlaps brand terms	$1,302	$4,319	26.7%	3.32x	47%	Watch
YouTube and display	Prospecting	$673	$2,595	16.2%	3.86x	45%	On track
Discover and Gmail	Prospecting	$430	$1,703	9.5%	3.96x	72%	On track

Asset groups

What is carrying the channel, and what is fatiguing

Asset	Format	Cost	Revenue	Return	CTR	Hook rate	Frequency	Days live	Read
Core range asset group	Mixed	$2,734	$8,571	3.13x	1.81%	20%	2.5	27	Watch
Subscription asset group	Mixed	$1,747	$5,495	3.15x	1.17%	17%	2.3	26	Watch
Equipment asset group	Mixed	$895	$3,549	3.97x	1.40%	34%	1.7	72	Watch

On-site funnel

What the channel sends, and where it leaks

Sessions3,055

Visits the channel sent in the period

Product views1,780 · 58.3%

Landing page relevance to the promise made in the ad

Add to cart437 · 24.6%

Range, price and availability doing their job

Checkout started278 · 63.5%

Shipping thresholds and payment options

Orders122 · 43.8%

Checkout completion, the cheapest revenue in the business

Devices

Device	Sessions	CVR	Revenue
Mobile	2,078	3.26%	$9,656
Desktop	733	6.17%	$6,442
Tablet	244	4.18%	$1,455

States

State	Sessions	CVR	Revenue
New South Wales	944	4.14%	$5,565
Victoria	817	4.30%	$4,999
Queensland	518	3.74%	$2,761
Western Australia	285	3.58%	$1,456
South Australia	201	3.66%	$1,050
Other states and territories	128	3.42%	$622

What we would do next

Ranked by the value at stake, not by effort

0-14 days · Measurement

Exclude brand terms

Add brand exclusions so PMax is measured on incremental demand rather than traffic brand search would have won anyway.

0-30 days · CAC

Turn on the new customer acquisition goal

Bid with a value premium on first-time buyers, then re-baseline CAC after three weeks.