Case Study · Google Ads · E-commerce
57,571 BGN turnover with a ROAS of 7.27 via a PMAX + Search mix
A seasonal e-commerce brand that took off during the off-season — through a combination of Performance Max and a highly personalised Search campaign, weekly optimisation and careful scaling whilst maintaining a low cost per click.
Starting point
I began by auditing the brand’s digital activities, familiarising myself with the product range, the main competitors and the available investment capital. I opted for a combination of Google and Meta, with an initial 50/50 split of the advertising budget based on historical performance data, product types and the time of year. Strong results came from a mix of PMAX and a highly personalised Search campaign, designed to maximise relevance and minimise cost per click.
The approach — step by step
Audit and Capital
Analysis of digital activities, the product range, competitors, investment capital and the seasonality of the business.
PMAX + Search mix
Performance Max for reach, plus a highly personalised Search campaign for maximum relevance and minimum CPC.
Weekly optimisation
I used Mike Rhodes’s specialised script for PMAX — it reveals dozens of insights that aren’t available on the Google Ads platform itself.
Segmentation and scaling
Ad copy variations and careful segmentation of keywords based on budget, search volume and auction competitiveness.
The strategy behind the figure — profitable growth in the off-season
This brand has a clearly defined seasonal pattern. The real challenge was to make the advert profitable outside the peak season — when demand is lower and every lev is harder to come by.
Despite the seasonal nature of the business, I have identified an opportunity to increase annual turnover: I carefully adjusted the budget whilst keeping the cost per click low and the ROAS high — precisely at the time of year when projected revenue was below 10,000 BGN. Results remain strong during the off-season, and the increased number of new customers through the established email marketing channel is leading to significantly higher year-on-year growth — forecast YoY growth of around 30% for 2025.
Off-season profit
Strong off-season results are more valuable than peak-season ones — where most brands lose out, this one comes out on top.
The email channel multiplies
The increase in the number of new customers generated through the email marketing campaign is expected to lead to projected year-on-year growth of around 30% for 2025.
Why 7.27× works for seasonal businesses
PMAX + Search together
Performance Max delivers reach, whilst personalised Search captures ready-made search queries at a minimal CPC — the two channels cover the entire journey.
Insights beyond the platform
Mike Rhodes’ PMAX script reveals dozens of data points that are not available in the standard Google Ads interface — providing a basis for better optimisation.
Segmentation by auction
Ad copy variations and keyword selection based on budget, search volume and competitiveness — ensuring relevance at a low cost.
Scaling without compromising ROAS
The budget is growing steadily, whilst the CPC remains low and the ROAS remains high, even during the off-season.
It’s easy to turn a profit during peak season. The real value lies in maintaining a high ROAS and a low CPC during the off-season — when projected revenue is below 10,000 BGN and most brands simply stop advertising.
Hristiyan Panov · Founder & Managing Consultant
