EXPOSING WHY SEARCH DOESN'T SPEND NEXT TO PMAX

Summary from the TLDR Marketing newsletter

Running Search campaigns alongside Performance Max (pMax) can lead to reduced Search performance. Search Themes can cannibalize Search campaigns by competing with phrase and broad match keywords. A user found that 53% of his pMax budget went to the Search network, limiting his Search campaigns. After removing Search Themes from pMax, spend shifted to Shopping, and Search campaigns began performing again.