A Performance Max audit that actually tells you what's working

Performance Max gives you results and takes away the reasons. That trade is acceptable only if you do the forensic work elsewhere: listing groups, asset groups, search-term insights and geo splits.

Start with the structure. If every SKU and every margin tier lives in one campaign, the algorithm is making portfolio decisions with your money. Segment by velocity and margin so it can actually optimize toward what matters.

Then look at the brand question: how much of PMax 'performance' is just brand search wearing a costume? Brand exclusion lists and branded search term analysis tell you the real incremental story.

Finally, read the insights pages like an investor, not a tourist: which assets earn, which listing groups drain, which geographies carry. PMax won't hand you answers — but it will leave clues everywhere.