Let's TalkThe Silver Vault — Google Ads & Performance Max
How The Silver Vault went from a 2.4x to a 5x return on Google Ads spend in four months, with ad revenue three times higher year on year on a modest increase in budget.
01
The Challenge
The Silver Vault is one of the UK’s leading independent silverware and silver jewellery retailers, trading on Shopify since we migrated the store off EKM in spring 2026.
Google Ads had been running for years. Shopping and Performance Max campaigns brought in sales every month, but the return had not moved: 2.6x across January to April 2026, and never above 2.9x in any month of 2025 outside December. Part of the budget was going to campaigns that returned less than they cost, and newer parts of the catalogue had never been advertised at all.
The brief was to grow revenue from the account without letting profitability slip. We took the account on in May 2026.
02
Our Approach
We fixed the foundations before touching a bid.
- Product data and account audit — a full review of the Shopify product feed, Merchant Centre and the account structure before any campaign was changed, so every decision was made on clean data
- Rebuilt around what sells — the account was restructured around the categories and products with a proven return, with Performance Max asset groups and budgets aligned to them
- Cut what was losing money — campaigns returning less than they cost were paused and their budget moved to where it worked
- Expanded into the rest of the catalogue — parts of the range that had never been advertised were brought into the account; the newest addition returned over 10x in its first two weeks
- Scaled against a return target — every budget increase was made against a ROAS target, so growth never came at the cost of profitability
03
The Result
- ✨ Return on ad spend up from 2.4x to 5x — June to September 2026 against the same months in 2025, peaking at 5.8x in July
- ✨ Ad revenue three times higher year on year — on roughly one and a half times the spend
- ✨ Orders up 116% and average order value up 42%
- ✨ Every category campaign ahead of where it was at the start of the year, with the loss-making campaigns gone
| June–September, 2026 vs 2025 | Change |
|---|---|
| Return on ad spend | 2.4x → 5x |
| Ad revenue | +207% |
| Orders | +116% |
| Average order value | +42% |
| Ad spend | +54% |
Monthly return on ad spend, 2025 vs 2026 (September 2026 to the 22nd)
2025 2026
Figures are as reported by Google Ads. The comparison is June to September in both years, so seasonality is the same on both sides. The account is now set up to grow into the fourth quarter rather than just maintain — every category campaign returns more than it did, and budget only moves where the return justifies it.
If your Shopify store’s Google Ads have settled at a return that never moves, our PPC management team starts the same way we did here: with the data, not the bids.