Feed only Asset Group
This replicated Smart Shopping. You are only running product feed with no assets. The only inventory your ads will show for are Shopping ads and Dynamic Product Remarketing ads.
All Assets Group
With all assets you are now giving Google the ability to show your ads on all of their ad inventory.
This is what Google originally intended for PMax to do. The feed only Asset Group is a bit of a loop hole right now and I predict Google will put an end to it in the future.
<aside> 💡 Pro Tip: If you are just starting out then start with a Feed only Asset Group. Once your get success with Feed only then test adding assets.
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The goal of Asset Groups is to group related products or product categories and create the most relevant asset creative to match those products.
This is why lumping All Products into one Asset Group is not optimized.
Don’t throw in unrelated products into the same Asset Group. Having Men’s shaving products mixed in with Women’s hair coloring in the same Asset Group will be impossible to create relevant asset creative for that is relevant to both those audience types.
Example of Asset Group split by product category for a Best Sellers Pmax campaign
<aside> 🛑 Pro Tip: Don’t build out duplicate Asset Groups to test different Audience Signals. Google will just split your traffic between them. I’ve seen accounts get wrecked doing this.
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