---
title: "Performance Max in 2026: what's changed, and what we actually do now"
url: "https://pmax.online/blog/performance-max-2026/"
canonical_url: "https://pmax.online/blog/performance-max-2026/"
markdown_url: "https://pmax.online/blog/performance-max-2026.md"
language: "en"
last_updated: "2026-03-28"
type: "article"
summary: "A practical walkthrough of the seven Performance Max settings we change first on every new client account."
---

# Performance Max in 2026: what's changed, and what we actually do now

Source: https://pmax.online/blog/performance-max-2026/

Google Ads · 7 min read · Mar 28, 2026

A practical walkthrough of the seven Performance Max settings we change first on every new client account.

Written by Philipp Enders Fact-checked Mar 28, 2026 Updated quarterly

Performance Max started as a black box. In 2026, it is a slightly-less-black box with a lot more steering wheels. Here is what we actually change first.

## Brand exclusions are now table stakes

The single biggest change since launch: you can finally exclude brand search terms from PMax. Use it. Set up a brand exclusion list on day one of every PMax campaign and route brand traffic to a properly-managed Search campaign with manual control. We see clients save 15–25% of their PMax budget within the first month just from this.

## Campaign-level value rules

Value rules let you tell PMax that a customer in Germany is worth 1.3x what a customer in Italy is worth — or that a returning customer is worth 0.6x what a new customer is. Combined with first-party data segments, this is the most under-used lever in the platform.

## Asset group structure

Do not put your whole catalogue in one asset group. Split by margin tier or product category — each group gets its own creative, its own audience signal, its own tROAS target. This alone usually moves blended ROAS 20–30%.

## Search themes

Use them, but sparingly. PMax tends to over-trust search themes and waste budget on adjacent queries. Set themes only for clearly under-served queries you can prove are not being served by your existing Search campaigns.

## Profit-based tROAS targets

Setting tROAS based on revenue is a category error. Calculate it on gross profit margin, feed gross profit values as your conversion value, and watch the algorithm finally chase the customers you actually want.

## Listing groups for catalogue control

Listing groups in PMax let you control which products get prioritised. We use them to push high-margin, low-stock, seasonal products at specific times — a small lever, big impact on profit when used well.

## First-party audience signals

Upload your customer match list, your high-LTV cohort, your recent purchaser segment. PMax does not use these as targeting — but it uses them as a strong signal for the algorithm. The lift is real.

Related: [our Google Ads & Performance Max service](https://pmax.online/services/google-ads/) — and how PMax fits into the wider [Google vs Meta vs TikTok channel mix](https://pmax.online/blog/google-ads-vs-meta-ads-vs-tiktok-ads-ecommerce-2026/) . Also see the [August 2026 bidding change](https://pmax.online/blog/performance-max-bidding-change-august-2026/) — what to do before 17 August.

## Need help with this?

If any of the above feels like a problem you have, [tell us a bit about your situation](https://pmax.online/contact/?topic=performance-max-2026) and we will come back within a working day. First conversation is 30 minutes, on us.

Related from pmax

[Google Ads management →](https://pmax.online/services/google-ads/) [Client results →](https://pmax.online/cases/)

On this page

[Brand exclusions are now table stakes](https://pmax.online/blog/performance-max-2026/#) [Campaign-level value rules](https://pmax.online/blog/performance-max-2026/#) [Asset group structure](https://pmax.online/blog/performance-max-2026/#) [Search themes](https://pmax.online/blog/performance-max-2026/#) [Profit-based tROAS targets](https://pmax.online/blog/performance-max-2026/#) [Listing groups for catalogue control](https://pmax.online/blog/performance-max-2026/#) [First-party audience signals](https://pmax.online/blog/performance-max-2026/#)

More from pmax

[All services →](https://pmax.online/services/) [Client results →](https://pmax.online/cases/) [Work with us →](https://pmax.online/contact/)

PE

About the author

Philipp Enders

Philipp is the Founder and Director of pmax, a performance marketing and AI visibility agency in Calvià, Mallorca. He is also the co-founder of [crunchjunkie](https://crunchjunkie.io/) , an AI visibility tracking platform for monitoring brand citation across ChatGPT, Perplexity, Claude and Gemini.

[LinkedIn →](https://www.linkedin.com/in/philippenders/)