🚀 How to Use Google’s Channel Performance Report to Finally Understand PMax

For years, Performance Max has felt like a magic trick you couldn’t explain.
Amazing results? Often yes.
Zero transparency? Also yes.

Advertisers called it a black box. Some even called it a black hole.

But things are changing. Google finally rolled out something we’ve all begged for:

The Channel Performance Report – a long-overdue window into how PMax actually spends your money. 👀

This is the closest thing we’ve ever had to real visibility across channels, ad types, and conversion paths within PMax.

But like every new Google feature, it’s powerful and misleading – if you don’t know what you’re looking at.

So let’s break it all down:

• What the report actually tells you
• Where it misleads you
• How to extract insights that genuinely improve performance
• What’s coming next for PMax transparency

Let’s dive in. 💡

🌐 What Is Google’s Channel Performance Report (and Why It Matters)

Think of the Channel Performance report as Google’s native attempt to untangle the “channel soup” inside PMax.

Until now, you had:

❌ No visibility into network distribution
❌ No clue how much traffic came from Shopping vs Display vs YouTube
❌ No way to compare feed-based vs asset-based ads
❌ No built-in understanding of view-through conversions

You had to rely on:

• Manual reports
• Third-party scripts
• Guesswork
• Prayers

Now, under Campaigns → Insights & Reports → Channel Performance (beta), Google gives you:

✔ A channel-by-channel breakdown

✔ Ad-type segmentation (feed ads vs asset ads)
✔ Conversion breakdowns
✔ An interactive flow diagram
✔ Export options

Is it perfect? No.
Is it a major leap forward? Absolutely. 🙌

Even better: signs suggest this reporting may expand beyond PMax in the future. That would be game-changing.

🧭 The Two Major Parts of the Report

Google splits this feature into:

1. Account-level overview – a clean table showing all campaigns + their channel splits
2. Campaign-level view – a Sankey diagram + more detailed channel tables

Plus extra filters, exports, and segmenting options that unlock deep insights.

Let’s unpack these.

1️⃣ Account-Level View: Clean, Powerful, Surprisingly Insightful

This is the version most advertisers will fall in love with.

You see a simple table:

• All your PMax campaigns
• Expandable rows for each channel
• Performance metrics next to each
• Helpful visual icons to avoid confusion

It instantly becomes clear:

• Which campaigns lean heavily on Shopping
• Which push too much spend into Display
• Which secretly depend on YouTube
• Which have a healthy channel mix

But the killer feature here isn’t obvious…

⭐ Hidden Gem #1: Segment by “Ads Using Product Data”

This reveals:

Feed ads (Shopping-style)

vs

Asset ads (creative-based)

Finally – after years of guessing – you can see exactly how PMax splits your spend.

No more:

❌ “Is my feed-only PMax truly feed-only?”
❌ “Is Google pushing too much into Display?”
❌ “Why do my Shopping results feel inflated?”

Now you see the truth – directly from Google.

⭐ Hidden Gem #2: Segment by “Ad Event Type”

This allows you to view:

• Click-through conversions
• View-through conversions

This is a massive transparency win.

If your conversions look too good to be true, this is usually where the secret lives. 👀

Now you can answer:

• “Is PMax inflating results with view-throughs?”
• “Which campaigns rely too heavily on passive conversions?”
• “Do I need to adjust my measurement model?”

And you can see this at both the campaign level and account level.

Huge.

But what if you want more detail?

What if you want to see:

• Feed ads only on YouTube?
• Asset ads only on Display?

That’s when you click into any campaign to open the second part of the report.

2️⃣ Campaign-Level View: Detailed, Flexible, and… Flawed

Here, you get two things:

✔ A data table (highly useful)

✔ A Sankey diagram (visually impressive but misleading)

Let’s start with the good news.

📊 The Campaign Data Table: Where the Real Analysis Happens

This breakdown shows:

• Search (feed vs asset)
• Display (feed vs asset)
• YouTube (feed vs asset)
• Discover
• Gmail
• More

All with:

• Impressions
• Clicks
• Conversions
• Spend
• Conversion value

But the best hidden feature:

⭐ Add ROAS & CPA columns manually (via Columns → Conversions)

Google hides them by default.
But yes – you can see ROAS and CPA per channel.

This alone is worth the report.

Now you can answer questions like:

• “Is YouTube producing cheap clicks but no profitable conversions?”
• “Is Search asset traffic too expensive?”
• “Are Shopping impressions leading to measurable ROAS?”

You can also export everything to CSV or Google Sheets – or schedule automated exports.

This is pure gold for deeper analysis.

🌀 The Sankey Diagram: Beautiful… but Dangerous

The Channels-to-Goals chart looks amazing.
But the proportions are NOT accurate.

Meaning:

A tiny channel can look huge.
A huge channel can look tiny.

It’s eye-candy, not analytics.

Example:

A segment may visually appear to drive hundreds of thousands of impressions,
but actually has only 4,500.

So – admire the Sankey.
But don’t make decisions from it. ❌

Stick to the table.

🔎 Decoding the Channels (What They Really Mean)

Google uses vague labels, but here’s the real-world translation:

Search

• Feed ads → Shopping
• Asset ads → RSA + DSA

Display

• Feed ads → Dynamic remarketing + dynamic prospecting
• Asset ads → Standard responsive display ads

YouTube

• Feed ads → Catalog-based formats (sometimes undocumented!)
• Asset ads → Standard YouTube video ads

This makes the report far more useful – once you understand the decoder ring.

⚠️ The Report’s Biggest Limitations

Let’s be honest – transparency is great, but Google still holds back.

Here’s what’s missing.

❌ 1. Hollow Visualizations (the Sankey problem)

The Sankey diagram looks meaningful, but the proportions aren’t tied to real numbers.

It misleads more than it guides.

❌ 2. Missing key metrics in tables

Google still refuses to show:

• Conversion rate
• CPC
• CTR
• CPM

These require exporting the data.

It’s petty – because Google clearly has the data.

❌ 3. No channel controls (yet)

You still can’t:

• Tell PMax to spend more on Shopping
• Reduce Display
• Stop showing on YouTube

The report gives insight – not control.

Not yet, anyway.

🔧 How to Use This Report to Actually Improve Results

Even with its flaws, this report is powerful. Here’s how to use it like a pro.

✔ 1. Grade Traffic Quality via Placement Reports

Not all Display or YouTube placements are created equal.

Export placement data and analyze:

• Irrelevant websites
• Foreign-language placements
• Low-quality YouTube channels

Then block the worst offenders at the account level.

✔ 2. Build Your Own Supplementary Reporting (Sheets + Script)

Export everything to Google Sheets.

Then calculate:

• CPC
• CPM
• CTR
• Conversion rate
• Cost per engaged-view conversion
• ROAS

Heatmap it.
Graph it.
Split by asset type.
Slice by channel.

You’ll see the real story behind PMax.

✔ 3. Use Scripts (yes, they exist!)

The enhanced scripts available today can:

• Convert Google’s vague labels into clear ones (“Shopping”, “Responsive Display”)
• Add CR, CPC, CPM, CTR
• Fix formatting
• Build better visual charts

Until Google fully opens the API, this is your best friend.

🔮 What’s Next? Google Is Just Getting Started

Google has already confirmed:

• Search Partner data is coming
• API support is coming
• MCC-level reporting is coming
• Report Editor integration is coming
• More campaign types may be supported (Demand Gen next?)

This level of transparency was unthinkable 3 years ago.

The black box is slowly cracking open. 🧰

But remember:

More data ≠ better decisions, unless you interpret it correctly.

The report gives visibility.
It does NOT give direction.

That part is still on you.

🧠 Final Takeaway: Transparency Is Improving – but Strategy Still Wins

The Channel Performance report is a huge step forward.

It gives:

✔ True channel-level visibility
✔ Feed vs asset breakdown
✔ View-through clarity
✔ Exportable raw data
✔ Useful segment filters

But it also:

❌ Misleads visually
❌ Hides key metrics
❌ Offers no real control
❌ Requires external analysis

Still – this is the most insight Google has ever given into PMax.

Use it wisely, and you’ll finally understand:

• Where your money goes
• Which channels actually work
• How PMax builds your results
• Where your ROAS is coming from

Because the advertisers who understand PMax…
win with PMax. 💥