Single PMax campaign with one asset group and no product segmentation
A single asset group covering all products with a single ROAS target tells Google's algorithm to optimise across your entire catalogue for one efficiency metric. The algorithm does this by concentrating spend on the path of least resistance: returning customers, low-priced products with high historical conversion rates, and branded queries. New customer acquisition — which requires higher bids and more impressions against cold audiences — is systematically underserved. The campaign reports a ROAS that reflects the easy conversions, not the incremental growth the brand needs.