Performance Max Is a Black Box Eating Your Budget
Performance Max campaigns do not provide keyword-level, placement-level, or channel-level conversion reporting. Google decides where to spend. In high-spend US accounts, Performance Max frequently allocates the majority of budget to Display and YouTube — channels with low commercial intent for most lead generation verticals — because those placements have lower CPCs and Google's algorithm interprets cheaper clicks as efficiency. The result is high spend, high impressions, and qualified lead volume driven almost entirely by Search inventory that represents a fraction of total budget.