Data scope: Google Ads API · Account 78923456710 · Jan 1 – Mar 20, 2026 · Timezone: America/Chicago · Attribution: DDA 30-day window
A 12-week-old account delivering 296% ROAS against a 250% target is a strong start. The account has moved through three distinct phases—initial learning (Dec), aggressive testing (Jan–Feb), and architecture optimization (Mar)—validating that the PMax-to-PLA migration strategy works for brand-dependent collectible categories.
46 points above the 250% target. PLA alone runs at 403%, pulling the blended number up. This is strong for a sub-3-month account that is simultaneously testing 10 geographic markets and multiple campaign types.
504 conversions on $9,958 spend. Average order value implied at ~$58.50, consistent with single mystery box / keychain price points. Whole Set orders ($114–$227) show notably higher ROAS.
US remains the core (63% of spend, 72% of revenue), but surprise winners Canada (454% ROAS) and Thailand (527% ROAS) have emerged. Three markets exited: Philippines, Taiwan, Vietnam—zero conversions each.
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Dec 2025 Data Excluded
December metrics (246 "conversions" / $1,041 "revenue") used Add-to-Cart as the conversion action, not purchase. All analysis in this report covers Jan 1 – Mar 20, 2026 only, where conversion = purchase.
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Attribution Delay Note
March 2026 shows 258% ROAS on 20 partial days. Google Ads uses DDA with a 30-day attribution window—PMax captures ~50% and DG ~40% of conversions after the click date. March's final ROAS will likely improve by 15–25 points as delayed conversions attribute back.
P PMax: 41.1%
Q Search: 32.1%
S Shopping: 25.8%
D Demand Gen: 0.7%
Total Spend
$9,958
~$125/day avg
Revenue
$29,493
504 purchases
Impressions
1.87M
CTR 1.90%
Conv. Rate
1.42%
504 / 35,557
Avg CPA
$19.76
$9,958 / 504
Source: Google Ads API · Campaign performance query · Jan 1 – Mar 20, 2026
Monthly Trajectory
Three months of data reveal a clear ramp pattern: strong ROAS stabilization in Jan–Feb, with March showing scale expansion at slightly compressed efficiency.
Data scope: Monthly aggregation · Jan–Mar 2026 only · Dec 2025 excluded (ATC conversion action)
Monthly Spend vs Revenue vs ROAS
| Month |
Spend |
Revenue |
Conv |
ROAS |
Clicks |
Impr |
Note |
| Dec 2025 |
$1,632 |
$1,041 |
246 |
64% |
7,547 |
590,667 |
EXCLUDED ATC not purchase |
| Jan 2026 |
$3,458 |
$11,144 |
160 |
322% |
9,185 |
399,149 |
PEAK ROAS |
| Feb 2026 |
$3,198 |
$9,815 |
152 |
307% |
11,691 |
603,852 |
STABLE |
| Mar 2026* |
$3,303 |
$8,534 |
192 |
258% |
14,681 |
870,895 |
PARTIAL 20 days + attribution delay |
March is not declining. Impressions nearly doubled Jan→Mar (399K → 870K), meaning the account is scaling reach aggressively through geo expansion. Conversions are actually the highest month (192), suggesting the lower ROAS is a function of delayed attribution, not deteriorating efficiency. Expect March to settle around 280–300% ROAS by April 20.
Source: Google Ads API · Monthly segmentation · Conversion = Purchase only
Data scope: Campaign type segmentation · Jan 1 – Mar 20, 2026
| Channel |
Spend |
% of Total |
Revenue |
Conv |
ROAS |
Assessment |
| PMax |
$4,088 |
41.1% |
$10,072 |
202 |
246% |
NEAR TARGET Multi-market explorer |
| Search |
$3,202 |
32.1% |
$9,045 |
152 |
282% |
ABOVE TARGET Brand defense + IP terms |
| Shopping/PLA |
$2,572 |
25.8% |
$10,375 |
192 |
403% |
STAR Highest ROAS channel |
| Demand Gen |
$74 |
0.7% |
$0 |
0 |
0% |
PAUSED Test stopped early |
PLA is the clear winner. Shopping campaigns deliver 403% ROAS—the highest of all channels—with the most conversions (192). For a collectible brand with strong product imagery and recognizable IP, Shopping's visual format converts impulse intent efficiently. This channel should get more budget.
PMax plays a different role. At 246% ROAS (slightly below 250% target), PMax is the geo-expansion vehicle. It tests non-US markets (JP, HK, AU/SG/UK) where PLA has less reach. The slight ROAS shortfall is the cost of market discovery.
Search defends brand territory. 71.1% of search spend goes to brand terms (368% ROAS). This is the right play: brand search must be defended to prevent competitor ad hijacking on IP terms like "Max and Leo plush" or "MIMI The Bunny."
Demand Gen remains unproven. Two tests (Licensed + MIMI) both paused at $57–$74 spend with zero purchases. This is expected for a niche collectible brand—DG works better for broader appeal categories. Revisit only with strong video creative.
Source: Google Ads API · Campaign type aggregation · Jan 1 – Mar 20, 2026
Search Intent Analysis
Understanding what users search before they buy reveals the brand's dependency on branded queries and the opportunity cost of generic terms.
Data scope: Search term report · Search + Shopping campaigns · Jan 1 – Mar 20, 2026 · Categorized by intent type
Search Term Category Breakdown: Spend vs ROAS
| Category |
Spend |
% of Total |
Conv |
Revenue |
ROAS |
Verdict |
| Brand (toyvault) |
$2,545 |
71.1% |
175 |
$9,358 |
368% |
Core revenue engine |
| Licensed IP |
$267 |
7.5% |
26 |
$1,197 |
448% |
Highest ROAS segment |
| Generic |
$716 |
20.0% |
17 |
$859 |
120% |
Below target, expected |
| Competitor |
$50 |
1.4% |
0 |
$0 |
0% |
Waste — negative keyword |
The account is heavily brand-dependent. This is structurally normal for designer toys—buyers search for specific IPs ("toyvault max and leo", "character collectible figure") rather than generic terms ("mystery box toy", "collectible figurine"). Brand awareness is built off-platform (social media, collector communities), then captured through Search.
Licensed IP queries (popular franchise IPs, specific character names) convert at the highest rate of any segment. These users know exactly what they want. The Custom Feed strategy targets precisely these high-intent IP searches with product_type segmentation.
Generic terms at 120% ROAS require patience, not panic. "Mystery box", "designer toy", "collectible figure"—these queries have high volume but low purchase intent for a niche brand. The Custom Feed experiment (Max & Leo, Partner Brand) is the right approach: build product data that matches these generic intents to specific products, rather than bidding more aggressively on generics.
Competitor terms — $50 spend, 0 conversions
-$50 waste
Source: Google Ads API · Search terms report · Manual categorization by intent type
Data scope: Shopping performance view · Top 10 SKUs by spend · Jan 1 – Mar 20, 2026
| Product |
Spend |
Revenue |
Conv |
ROAS |
Note |
| Moonlight Forest Sprites Whole Set |
$335 |
$1,421 |
13.3 |
424% |
Whole Set premium |
| Max & Leo Plush Keychain Single Box |
$327 |
$1,855 |
48 |
569% |
HERO SKU |
| Licensed Charm Keychain Single (JP) |
$281 |
$914 |
31 |
325% |
Japan-specific IP |
| Moonlight Crystal Gallery Single |
$185 |
$650 |
6.4 |
352% |
Above target |
| MIMI THE BUNNY Tea Garden Whole Set |
$122 |
$815 |
7.4 |
666% |
HIGH ROAS |
| Moonlight Crystal Gallery Whole Set |
$114 |
$491 |
4.4 |
435% |
Whole Set premium |
| Max & Leo Plush Keychain Whole Set |
$112 |
$944 |
8.4 |
842% |
BEST SKU |
| CloudPuff Mood Drops Single |
$104 |
$248 |
3 |
239% |
Near target |
| MIMI Fortune Cat Single |
$94 |
$358 |
9.2 |
382% |
MIMI brand strength |
| Moonlight Forest Sprites Single |
$87 |
$24 |
1 |
28% |
UNDERPERFORMER |
IP Performance Hierarchy
Single Box
569%
Whole Set
842%
Combined Spend
$439
Combined Revenue
$2,799
Sprites Whole Set
424%
Gallery Single
352%
Gallery Whole Set
435%
Sprites Single
28%
Tea Garden Whole Set
666%
Lucky Cat Single
382%
Combined Spend
$216
Combined Revenue
$1,173
Whole Set consistently outperforms Single Box on ROAS. Max & Leo: 842% vs 569%. Moonlight Gallery: 435% vs 352%. MIMI Tea Garden: 666% vs 382%. Whole Sets have higher AOV, meaning the same click produces more revenue. Feed optimization should emphasize Whole Set listings with prominent "complete set" messaging.
Moonlight Forest Sprites Single at 28% ROAS is a clear outlier. $87 spend producing only $24 revenue (1 conversion). This SKU is absorbing impressions but not converting—possible stock/availability issue or pricing mismatch. Investigate and consider excluding from feed or lowering bid.
Source: Google Ads API · Shopping performance view · Product-level aggregation
Geographic Intelligence
10 markets tested in 12 weeks. Three exits, two surprise winners, and a clear US-first hierarchy.
Data scope: Geographic performance report · Country-level · Jan 1 – Mar 20, 2026
ROAS by Country (250% target line)
| Country |
Spend |
Revenue |
Conv |
ROAS |
Tier |
| United States |
$6,238 |
$21,188 |
314 |
340% |
T1 |
| Thailand |
$210 |
$1,105 |
28 |
527% |
T1 SURPRISE |
| Canada |
$325 |
$1,474 |
24 |
454% |
T1 SURPRISE |
| Australia |
$170 |
$619 |
9 |
364% |
T1 |
| Hong Kong |
$605 |
$2,018 |
47 |
334% |
T1 |
| United Kingdom |
$199 |
$400 |
9 |
201% |
T2 |
| Japan |
$703 |
$1,365 |
43 |
194% |
T2 |
| Singapore |
$568 |
$650 |
17 |
115% |
T2 |
| Philippines |
$426 |
$325 |
4 |
76% |
EXITED |
| Taiwan |
$126 |
$0 |
0 |
0% |
EXITED |
| Vietnam |
$54 |
$0 |
0 |
0% |
EXITED |
Scaling Opportunities
- Canada (454%): Mature e-commerce market, English-language feed, no localization needed. Lowest-friction scale opportunity.
- Thailand (527%): Highest ROAS globally. The brand has cultural resonance in Southeast Asian collector communities. Feed is English (no Thai translation), yet converts strongly.
- Hong Kong (334%): Already scaling ($605 spend). Budget increased from $21 to $57. Chinese collector community is core audience.
- Australia (364%): Small but efficient. Feed was recently fixed (GB shipping currency bug). Should see improvement.
Exits & Lessons
- Philippines ($426 76%): Low purchasing power for $21–$43 collectibles. Exited via geo targeting update.
- Taiwan ($126 0%): Zero conversions. The brand has strong offline presence in Taiwan via local distributors—Google Ads Shopify channel competes with local retail.
- Vietnam ($54 0%): 4-day test, 459 clicks, zero purchases. Market purchasing power insufficient for Shopify USD pricing.
- Total exit cost: $606 — 6.1% of total spend. Acceptable for 3-market geo validation.
Source: Google Ads API · Geographic performance report · Country-level aggregation
Data scope: Device segmentation · Jan 1 – Mar 20, 2026
Spend & Revenue by Device
Toys are impulse purchases. Mobile dominance (311% ROAS) confirms the browse-and-buy behavior of collector communities scrolling social feeds.
| Device |
Spend |
% of Total |
Revenue |
Conv |
ROAS |
Assessment |
| Mobile |
$7,774 |
78.0% |
$24,180 |
442 |
311% |
PRIMARY |
| Desktop |
$2,039 |
20.5% |
$5,096 |
60 |
250% |
AT TARGET |
| Tablet |
$136 |
1.4% |
$216 |
3 |
159% |
BELOW TARGET |
Mobile at 78% spend with 82% of revenue means mobile is over-indexing on efficiency. Desktop at exactly 250% ROAS hits the target line. Tablet at 1.4% share is immaterial. No device bid adjustments needed—the system is allocating correctly.
Source: Google Ads API · Device segmentation · Jan 1 – Mar 20, 2026
Campaign Architecture
13 campaigns built in 12 weeks. A rapid iteration cycle of launch, evaluate, pause/scale that produced the current optimized structure.
Data scope: All campaigns with spend > $0 · Complete campaign names shown · Jan 1 – Mar 20, 2026
| Campaign Name |
Status |
Type |
Spend |
Revenue |
Conv |
ROAS |
| Pmax-US-All-Domain-ROAS400%-20251231-Satori/10开/13停 |
PAUSED |
PMax |
$2,732 |
$8,851 |
132 |
324% |
| Search-US-All-Domain-ROAS400%-20260121-Satori,14- |
ENABLED |
Search |
$2,262 |
$6,092 |
80 |
269% |
| PLA-US-All-All Products-ROAS400%-20260128-Satori,3+,26-,3-,12-,15停 |
PAUSED |
PLA |
$1,616 |
$6,585 |
104 |
407% |
| Search-AU/CA/HK/JP/SG/TH/UK-All-Domain-ROAS400%-20260210-Satori |
ENABLED |
Search |
$737 |
$2,563 |
68 |
348% |
| Pmax-Japan-All-Domain-ROAS300%-20260309-Satori,12停 |
PAUSED |
PMax |
$328 |
$491 |
13 |
150% |
| Pmax-HK/MO-All-Domain-ROAS300%-20260309-Satori |
ENABLED |
PMax |
$266 |
$976 |
20 |
367% |
| Pmax-JP-Licensed Charm-ROAS400%-20260314-Satori |
ENABLED |
PMax |
$250 |
$470 |
18 |
188% |
| Pmax-AU/SG/UK-All-Domain-ROAS400%-20260310-Satori |
ENABLED |
PMax |
$214 |
$444 |
11 |
207% |
| PLA-CA-All-All Products-ROAS400%-20260210-Satori/10开/10停/14开 |
ENABLED |
PLA |
$173 |
$870 |
13 |
503% |
| PLA-TH-All-All Products-ROAS300%-20260304-Satori,18停 |
PAUSED |
PLA |
$132 |
$410 |
7 |
311% |
| Pmax-VN-All-MaxConvValue-20260315-Satori,19停 |
PAUSED |
PMax |
$61 |
$0 |
0 |
0% |
| DG-US-Licensed-MaxLeo Plush Keychain-MaxConv-20260312-Satori,16停 |
PAUSED |
DG |
$57 |
$0 |
0 |
0% |
| Pmax-US-MaxLeo CustomFeed-MaxConvValue-20260319-Satori |
ENABLED |
PMax |
$13 |
$0 |
0 |
-- |
7 active, 6 paused. The naming convention encodes the full operational history: dates of enable/pause cycles (10开/13停), target ROAS adjustments, and the operator (Satori). This traceability is critical for a rapidly iterating account.
Source: Google Ads API · Full campaign list · Names untruncated per operational protocol
Data scope: Campaign creation and status change history · Dec 23, 2025 – Mar 20, 2026
Phase 1: Learning (Dec 23 – Jan 20)
Dec 23, 2025
Account opened
Initial setup with DG campaign using Add-to-Cart conversion action. This was a calibration error—data from this period is excluded from all analysis.
Dec 31, 2025
PMax-US-All-Domain launched
First PMax campaign with tROAS 400%. Would become the account's largest spender before being paused Jan 13.
Phase 2: Validation (Jan 21 – Feb 28)
Jan 21, 2026
Search-US launched
Brand defense + IP term coverage. Would sustain 269% ROAS across the full period.
Jan 28, 2026
PLA-US-All launched
Standard Shopping with tROAS 400%. Star performer at 407% ROAS, validating PLA over PMax for US market.
Feb 10, 2026
Multi-market expansion
Search-AU/CA/HK/JP/SG/TH/UK + PLA-CA launched. Geographic testing begins in earnest.
Phase 3: Optimization (Mar 1 – Mar 20)
Mar 4–10
PMax geo specialization
Dedicated PMax campaigns for HK/MO, Japan, AU/SG/UK. Moving from one-PMax-fits-all to country-specific control.
Mar 12–16
DG + VN experiments
Demand Gen (Licensed) and PMax-VN both tested and paused within days. Quick kill on non-performers.
Mar 19, 2026
Custom Feed PMax launched
Pmax-US-MaxLeo CustomFeed: first Custom Feed experiment with multi-intent product_type segmentation. 20 listings across 4 intent groups. The next frontier.
The architecture tells a story of disciplined iteration. Start broad (single PMax), validate channels (PLA wins), specialize markets (country-specific PMax), kill losers fast (VN in 4 days, DG in 4 days), and push innovation (Custom Feed). This is textbook account ramping for a new DTC brand.
Source: Google Ads API · Campaign creation dates · Status change history
Action Plan
Prioritized recommendations to move from 296% ROAS to sustained 300%+ while unlocking the next layer of scale.
P0 — Immediate (This Week)
P0
PLA-US Impression Share Expansion
PLA-US delivered 407% ROAS—far above the 250% target—before being paused due to tROAS 400% deadlock (internal bidding rule). The replacement PMax-US-All Products at tROAS 250% is running, but a dedicated PLA campaign with reduced tROAS (350%) should be tested. PLA's transparent auction dynamics give more control than PMax for the US core market.
Expected impact: Recapture Shopping impression share in US. PLA at 350% tROAS should unlock $71–80/day additional spend while maintaining 350%+ ROAS.
P0
Custom Feed D7 Review (Mar 26)
Two Custom Feed experiments are live: Max & Leo (20 listings, 4 intent groups) and Partner Brand Product (40 listings, 4 intent groups). Day 7 review on March 26 will determine product_type group performance. Groups below 150% ROAS at D14 should be pruned. This is the most strategically important experiment in the account.
Expected impact: Custom Feed success would validate the multi-intent feed methodology for collectible categories—particularly the CharmSeries group targeting "character keychain" (12.1K monthly searches).
P1 — Near-Term (Next 2 Weeks)
P1
Canada Scaling
PLA-CA runs at 503% ROAS on only $173 spend. This is severely underfunded. Increase PLA-CA budget from $21 to $43 and monitor impression share. Canada requires no feed localization (English, USD pricing works), making it the lowest-friction expansion market.
Expected impact: Double Canada spend while maintaining 400%+ ROAS. Additional $21/day = ~$639/month investment.
P1
Thailand Re-evaluation
Thailand shows 527% ROAS on 28 conversions—the highest ROAS of any market. PLA-TH was paused (18停) after the All Products tROAS deadlock, but the underlying performance is strong. A dedicated PLA-TH campaign for top-performing SKUs (Artisan Canvas Collection per customer request) is live via OP-XXX. Monitor closely.
Expected impact: If PLA-TH-Quesera validates, consider reopening broader TH Shopping. Risk: English feed in Thai market limits reach.
P1
Moonlight Forest Sprites Single SKU Investigation
This SKU shows 28% ROAS ($87 spend, $24 revenue, 1 conversion)—an extreme outlier when the Whole Set version delivers 424% ROAS. Check: stock availability, pricing competitiveness, product page quality, feed data completeness. If unfixable, exclude from Shopping feed.
Expected impact: Eliminate $71+/month waste. Redirect impressions to higher-performing SKUs.
P2 — Strategic (Next 30 Days)
P2
Demand Gen Strategy Reset
Both DG tests (Licensed Keychain, MIMI) produced zero purchases. For a niche collectible brand, Discovery/YouTube inventory requires: (1) strong video creative showing unboxing/reveal moments, (2) broader audience targeting beyond remarketing, (3) acceptance of longer attribution windows (DG ~40% delayed). Only re-test when video creative is ready and with clear upper-funnel KPIs (site visits, micro-conversions).
Expected impact: DG's role is brand awareness ceiling expansion, not direct ROAS. Success metric = branded search volume lift, not immediate purchases.
P2
Japan Strategy Refinement
Japan receives significant spend ($703) but underperforms at 194% ROAS. The Licensed Charm campaign (188% ROAS) drives most JP volume. Japan is a key market for the brand culturally, but the current feed (English titles, USD pricing) creates friction. Consider: Japanese title localization in supplemental feed, JPY pricing tier testing, or consolidating JP into the multi-country Search campaign (348% ROAS) rather than dedicated PMax.
Expected impact: Improve JP ROAS from 194% toward 250% target. Feed localization is the highest-leverage fix.
P2
Whole Set Feed Optimization
Whole Sets consistently outperform Singles on ROAS (Max & Leo: 842% vs 569%, MIMI: 666% vs 382%). Feed should prioritize Whole Set visibility: enhanced titles mentioning "Complete Set" / "Full Collection", higher-quality hero images showing all figures, and Custom Feed listings targeting set-buying intent queries.
Expected impact: Shift impression share from lower-AOV singles to higher-AOV/higher-ROAS complete sets. 10% shift = meaningful ROAS improvement.
Source: Analyst recommendations based on API data · Cross-referenced with internal optimization framework