Performance Max Asset Group Performance Segmentation: What to Know

Google Ads recently rolled out a much-anticipated update for Performance Max (PMax) campaigns: Asset Group Performance Segmentation. For advertisers, this new feature marks a turning point, offering visibility into asset group performance on a granular level that wasn’t previously available. Here’s what this new segmentation option means for advertisers and how it can drive more refined campaign strategies.

Why This Update Matters

Historically, Performance Max has offered limited reporting visibility, with most performance data stuck at the campaign level. With the new segmentation option, advertisers can now break down performance metrics by:

• Time
• Click Type
• Conversions
• Device
• Network
• Top vs. Others

This update is a game-changer for brands that rely heavily on PMax. With greater access to segmented performance data, advertisers can make more strategic decisions about asset groups—all without the workaround of creating separate campaigns just to gain visibility into these metrics.

How This Unlocks New Segmentation Strategies

The added segmentation capabilities mean advertisers can now analyze and optimize asset group performance with a level of detail that was previously reserved for campaign-level metrics. Here’s a look at the kind of strategies this enables:

1. Informed Asset Group Testing and Consolidation
   Previously, if you wanted to A/B test multiple audience signals or creative variations, you often had to create separate campaigns for each asset group in order to measure most effectively, which led to fragmented data and limited algorithm learning. With this new update, advertisers can now consolidate asset groups into one campaign, allowing Google’s automated bid strategies to leverage a larger pool of data. This consolidation not only improves data density but also enables smarter bidding and optimization, as each asset group learns from the performance of others within the same campaign. Because you can’t use a portfolio bidding strategy with Performance Max, consolidating asset groups is the only way to achieve maximum data density and shared learnings.
2. Tailored Messaging Across Audience Segments
   With better segmentation, brands can now approach same-goal asset groups with greater precision. For example, a brand serving multiple customer personas or verticals can create targeted asset groups for each one within a single PMax campaign. Let’s say a brand serves three distinct audience segments, each with unique pain points. The brand can now create separate asset groups within the same campaign, each tailored to address the specific needs and language of that audience. By segmenting audience signals, creative, and messaging, advertisers can deliver hyper-relevant ads that resonate more effectively.

The Impact on KPIs and Optimization Opportunities

This update allows advertisers to optimize Performance Max campaigns with a deeper understanding of how each asset group is performing across different metrics. Key KPIs that can benefit from this segmentation include:

• Conversions and Conversion Value: Gain insights into which asset groups and audience signals drive the most or highest-value conversions by conversion action, and adjust creative or bidding accordingly.
• Device Performance: Understand how asset groups perform across different devices to tailor audience signals, creative, and messaging accordingly .
• Click Type and Network Performance: For now, segmentation by network is limited to “Cross-network,” but we’re hopeful that Google will expand this to break down performance by specific channels like YouTube, Display, and Search. This would give advertisers better insights into which networks deliver the highest returns.

With these insights, advertisers can adjust their campaigns in ways that directly impact bottom-line metrics, from ROAS to conversion rate. This added data visibility encourages a more strategic approach to asset group organization, allowing advertisers to make data-driven decisions that enhance the entire customer journey.

What’s Still on the Wish List

While this update is a major step forward, there are still a few additional optimizations and features we’d love to see Google bring to Performance Max:

• Custom Columns at the Asset Group Level: Having custom columns available at the asset group level would be a powerful way to measure specific conversion and cost metrics without needing to create campaign segmentation.
• Detailed Network Segmentation: Currently, network data is grouped under “Cross-network.” Breaking it down by specific channels like YouTube, Display, and Search would provide richer insights for advertisers who want to optimize creative and bids based on the performance of individual networks.
• More Robust Search Terms Reporting: As it stands, Google provides some search term data, but it’s buried within the insights, with limited KPI columns and no way to segment reporting. Ideally, Google would make Performance Max search terms available within their standard “Search terms” report, which would give advertisers cleaner access and would add functionality like custom columns and report segmentation – which, in turn, would enable easier measurement across conversion and cost metrics. Being able to see which search terms trigger ads would also offer crucial insights into what audiences are searching for, providing a way to tailor messaging even further.
• Enhanced Asset Performance Visibility: Right now, asset performance data is limited to broad ratings like “Good” or “Low,” along with conversions and conversion value. More detailed metrics—especially for automatically generated assets—would help advertisers better understand what’s working and what isn’t.

Performance Max’s new segmentation capabilities represent a significant improvement for advertisers, allowing for smarter organization and more effective optimization of asset groups. By offering insights at the asset group level, Google is enabling brands to tailor their strategies with a degree of precision that hasn’t been possible until now.

As PMax evolves, staying on top of these changes will be crucial for advertisers looking to make the most out of their campaigns. For those who haven’t yet explored the new segmentation options, now is the time. With more granular data at your fingertips, you’ll be able to refine your approach, optimize for key metrics, and drive better outcomes across the board.

Ready to dive in? Start experimenting with Performance Max segmentation today and see the impact on your campaigns firsthand.