To expand your point further, in any given market that has online sales, if even one entity gives them CPA targets, they have a damn good idea how much a new cu

To expand your point further, in any given market that has online sales, if even one entity gives them CPA targets, they have a damn good idea how much a new customer is worth in that market. At that point, google has no motivation to ever sell you clicks or impressions below that value, as they already know how much each click they send is worth to you. Once you have two players in the market, you are basically haggling with google over 1-2-3% differences in your bidding, and google is switching you from position 1 and position 2 in the search results. On top of that, google sales people are basically employed to come to you and say: "Look, on this keyword your competitor is bidding 2% more than you. You should optimise for it and pay the same". This sounds like a good game until you realise if everyone is optimising properly, the only winner here is google. No one really has any leverage here except google, and they can squeeze everyone as hard as you are willing to squeeze your margins. I've seen multiple markets over the last few years where google ads are basically break even for the entire industry. This is absolutely insane, but it's what an aggregator does.