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The efficiency of google ads are just nowhere near where they used to be...the only way to see any efficiency at all and generate an ok (but still not great) ROAS is by giving them a low budget spend on a max conversion value pmax campaign...they've massively gone down hill in recent years in terms of ability to perform, especially at higher spend levels.
Unfortunately this seems to be their own making as well - through their constant pressures to adopt broad keywords and "AI Essential" recommendations - which has a two-fold impact of increasing cpc's across the board and making everyone's traffic less relevant, whilst at the same time blending worthless traffic into what was good quality traffic through their performance max campaigns.
For us, this is the first time in many many many years, where we actually see meta performing better than google! I never thought I would say that and if im honest i just feel this sense of disappointment in google nowadays - any new product they release like "AI max" just no longer excites me due to witnessing first hand how they are seemingly hell bent on intentionally making their ad platform and campaign types perform worse for its advertisers.
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