"Navah Hopkins posted a nice video explaining this and wrote: If you're running a PMax and Search campaign they might also have overlap. An exact match keyword in a Search campaign will always win over PMax. Beyond that, it goes to Ad Rank. We do not block exact match from causing an ad to serve in Copilot, it's just that the odds of a conversation exactly matching the exact match keyword are very low. Broad match and PMax have a higher probability of serving."
"If you're running a PMax and Search campaign they might also have overlap. An exact match keyword in a Search campaign will always win over PMax. Beyond that, it goes to Ad Rank. We do not block exact match from causing an ad to serve in Copilot, it's just that the odds of a conversation exactly matching the exact match keyword are very low. Broad match and PMax have a higher probability of serving."
Exact match keywords take precedence over other campaign types when present; if no exact match exists, Ad Rank determines which ad serves. When Performance Max (PMax) and Search campaigns overlap, an exact match in a Search campaign always wins over PMax. Copilot does not block exact match from serving, but conversational queries rarely exactly match exact-match keywords, reducing their serving odds. Broad match and PMax have higher probabilities of matching conversational queries. Ad Rank consists of bid amount, ad performance (for example click-through rate), ad relevance, ad extensions, and competing ads.
Read at Search Engine Roundtable
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