Google Ads · Status at source date: Newsletter archive
Performance Max adds Impact Preview for negative keywords
Google Ads has rolled out an Impact Preview for negative keywords inside Performance Max: the first time advertisers can see the estimated conversion impact of a negative before committing it to the campaign. The preview shows the expected "Loss in conversion value" as a percentage at the per-keyword level.
What changed
How it works: open a PMax campaign → Keywords → type the negatives you want to test → Preview impact. Google shows the expected loss in conversion value per keyword. Match types produce materially different estimates (Broad, Phrase, Exact diverge meaningfully), advertisers can preview up to 10 negatives at once, and the estimates are based on recent search-term traffic patterns rather than modelled projections. The preview is PMax-campaign-only at launch: account-level exclusions, shared lists, and other campaign types are not supported. The only metric currently surfaced is Loss in conversion value; impressions and clicks projections may follow.
Why it matters for advertisers
For you, this means Performance Max negative-keyword exclusions can finally be tested before they're applied. Worth using the preview to baseline, which existing negative lists have been costing conversions you didn't realise you were giving up, particularly for brand-protection negatives that may have been catching more revenue than expected. The 10-keyword cap means structured batch testing rather than wholesale list audits.
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Original newsletter text and archive evidence
Performance Max adds Impact Preview for negative keywords
Google Ads has rolled out an Impact Preview for negative keywords inside Performance Max: the first time advertisers can see the estimated conversion impact of a negative before committing it to the campaign. The preview shows the expected "Loss in conversion value" as a percentage at the per-keyword level.
How it works: open a PMax campaign → Keywords → type the negatives you want to test → Preview impact. Google shows the expected loss in conversion value per keyword. Match types produce materially different estimates (Broad, Phrase, Exact diverge meaningfully), advertisers can preview up to 10 negatives at once, and the estimates are based on recent search-term traffic patterns rather than modelled projections. The preview is PMax-campaign-only at launch: account-level exclusions, shared lists, and other campaign types are not supported. The only metric currently surfaced is Loss in conversion value; impressions and clicks projections may follow.
For you, this means Performance Max negative-keyword exclusions can finally be tested before they're applied. Worth using the preview to baseline, which existing negative lists have been costing conversions you didn't realise you were giving up, particularly for brand-protection negatives that may have been catching more revenue than expected. The 10-keyword cap means structured batch testing rather than wholesale list audits.
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