Performance Max

Performance Max is a campaign type where you give Google assets — headlines, images, videos, a feed — and a conversion goal, and it decides where to show them across every Google surface at once. It hides most of what it does: there is no search terms report worth the name, no placement list, no keyword table. What it does report is per asset group: cost, conversions, and Google's rating of the creative. So the checkable unit is the asset group, and the dead one — spending well past the account's normal cost per conversion with none — is findable in three clicks. It works best with a strong conversion signal and real creative variety; without those it is a way to spend a budget you cannot inspect.