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Performance Max works best where there is enough conversion data and a solid product feed. On small accounts it often just absorbs demand you could have captured more cheaply through Search.
The deciding factor
If you know exactly which terms you want to target and have the capacity to manage them, Search gives you control. If you need to scale across channels and have the data for it, PMax adds reach.
Running both
In practice both usually run together - with brand terms excluded from PMax so the campaigns do not cannibalise each other.
