Case studyEcommerce (EU)Sept 2025 – Dec 2025
From €0 to €31K/month with no efficiency decay
A clean launch, disciplined scaling, ROAS that improved as spend grew
- Sept ROAS
- 2.29x
- Oct ROAS
- 2.16x
- Nov ROAS
- 2.69x
- Dec ROAS
- 2.86x
The build (before the numbers)
Five campaigns, each with a specific role. No overlap.
On September 8 we launched a completely new Google Ads account: no historical data, no legacy structure, no prior learnings to lean on. The goal wasn't aggressive scale. It was to build a system that could scale without breaking.
We didn't launch everything at once. The account was rolled out in phases, with each campaign serving a specific role.
Five campaigns, five distinct roles
- Brand Search to capture existing demand cleanly
- Search Prospecting to expand high-intent non-brand queries
- Performance Max (Full Build) for scalable demand capture
- PMax Retargeting to support return traffic
- PMax Competitor to test conquesting without polluting core learning
What the data showed month over month
Spend scaled every month. ROAS improved every month.
Monthly performance progression
| Month | Spend | ROAS | Note |
|---|---|---|---|
| September (launch) | €664.67 | ~2.29x | Baseline learning and signal collection |
| October | €1,589.27 | 2.16x | Budget increased only after early signals stabilised |
| November | €3,995.49 | 2.69x | Search prospecting + PMax improved as learning consolidated |
| December (Dec 1 – 24) | €10,846.87 | 2.86x | Spend crossed five figures, efficiency higher than launch |
December is where most accounts see ROAS drop as spend scales. Here it improved because structure was clean from day one.
Where these numbers come from
Patrick first wrote this account up on the newsletter on 11 February 2026, the week the numbers landed. The figures on this page come from that write-up.
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