Google Marketing Live 2025: Performance Max Finally Opens Up
At Google Marketing Live 2025, Google finally delivered what Performance Max (PMAX) advertisers have been asking for all along: transparency, more control, and real data.
Here’s a breakdown of the most important PMAX updates, including channel and asset-level reporting, full search term reports, and the long-overdue ability to add negative keywords. Self-serve, no Google rep needed!
PMAX Update #1: Channel Reporting or, What’s Actually Driving Performance?
Google introduced PMAX Channel Reporting, which is now available in beta for all accounts. This report shows retroactive data from November 2024. You’ll find it in your PMAX campaigns under Insights & Reports > Channel Performance.
Advertisers can now see key performance metrics (impressions, clicks, conversions, etc.) broken out by channel:
- Search
- Shopping
- Display
- YouTube
- Discovery
- Gmail
- Maps
- Search Partners
Metrics include impressions, clicks, conversions, cost, and conversion value. You can customize the table with columns and segments, and export everything for deeper analysis.
Redirect spend via assets: If Channel Reporting shows YouTube or Display underperforming, consider removing your video or image assets. PMAX won’t serve on YouTube without video, so that spend will be reallocated to better-performing channels like Search or Shopping.
PMAX Update #2:
Search Term Reporting: Real Queries, Not Vague Categories
The black box is finally cracking open! Google is rolling out full Search Term Reports for PMAX, not just category insights. You’ll now be able to:
- See exact queries that triggered your PMAX ads
- View performance metrics (CTR, conversions, conversion value, etc.) for each query!!
- Add negative keywords directly from the report
This gives you strategic insight to:
- Spot what works: Identify high-performing queries and consider spinning them into dedicated campaigns for tighter creative and targeting.
- Refine your messaging: Align ad copy more closely with the intent and language your audience is actually using.
- Audit branded traffic: Determine how much brand traffic PMAX is capturing and whether to filter it or separate it from non-brand traffic.
But there’s also a catch: just like with Search campaigns, a portion of traffic will still be grouped into the “Other Search Terms” bucket, especially given PMAX’s keywordless targeting, which behaves similarly to broad match. Expect some queries to remain hidden.
PMAX Update #3:
Negative Keywords: You’re in Control Now
The long wait is over: Google increased the restriction from 100 to 10,000 keywords per campaign.
Negative keyword match types are supported, giving advertisers granular control over what traffic they don’t want. Here’s how to use them effectively:
- Cut wasted spend quickly: Use real query data to remove low-quality or irrelevant searches.
- Reclaim branded traffic clarity: Exclude branded terms from PMAX so they don’t skew your data, or overlap with your brand campaign.
- Protect brand safety: Remove queries associating your brand with inappropriate or off-message searches.
Pro tip: Use negative keywords wisely. PMAX was designed to function in a low-control environment. Adding too many exclusions could blunt its automation advantages. Test gradually.
PMAX Update #4:
Asset-Level Reporting: Headlines, Images, Videos – All Measurable
Every asset (headline, description, image, video & extension) now comes with its own performance data, impressions, clicks, conversions, and more. Go to the asset group view, customize your columns, and start analyzing.
Add columns to view impressions, clicks, costs, conversions, and conversion value. Export it all for in-depth creative analysis.
Key metrics to watch:
- Conversions: This is your outcome metric—what actually drives business results.
- Conversion Rate (CVR): The true indicator of asset effectiveness. A high CVR means your ad is converting the right traffic.
PMAX Update #5:
Diagnostics & Recommendations by Channel
Another new layer of insight: Google is now offering channel-specific diagnostics. Examples include:
- “You’re not serving on Maps: Add store locations.”
- “Search performance is low: Your landing page may be irrelevant.”
These aren’t auto-applied suggestions, but they offer context that can guide optimization. Similar to Google’s existing Recommendations tab, they are tailored to PMAX’s multi-channel nature.
Note: I have never been a fan of the Recommendations tab and would advise everyone to take the suggestions with a grain of salt. Evaluate if the recommendation makes sense for your business and your campaign goals. Please do not implement these suggestions simply because Google told you to do it.
Important Caveats on PMAX Updates
- Rollout is ongoing: These features are in open beta. If you haven’t seen them in your account yet, expect them soon.
- No direct channel exclusions (yet): You still can’t disable YouTube or Display, but asset removal can influence channel allocation.
- No historical data before November 2024: Reporting starts from that point forward. You won’t be able to analyze prior PMAX behaviour.
- Other search terms still exist: Like broad match in Search campaigns, some queries will remain hidden in an “Other search terms” category.
Final Take
This isn’t just a minor update, it’s the biggest shift in Performance Max since its launch. For years, advertisers were flying blind. Now, Google is finally offering the instruments to see where we’re going and steer accordingly.
Is it perfect? No. There’s still no full opt-out for placements like kids’ YouTube channels or low-performing display inventory. But this is a massive leap toward accountability and control, so I’m going to choose to be happy about these updates.