Brand Search Campaign - Says "Limited by Budget" but doesn't spend all budget

Brand Search Campaign - Says "Limited by Budget" but doesn't spend all budget - why?

Hi PPC gang :)

I've noticed that my impression share for a branded keyword campaign decreased from the upper 90% to the low 80% since last month. I had been gradually reducing my daily budget because the campaign wasn't spending it anyway. For example, I had a $100/day budget, and the campaign was spending ~$700/month.

I got the daily budget to $60/day, and now Google says the campaign is "limited by budget," which makes no sense bc it's not even spending $60/day. It's recommending a $140/day budget. I am back at $100 just in case.

As far as the impression share, I do not see competitors show up in the auction insights, so I'm not sure why our impression share is so low now.

The only other change (besides the budget increase) I made was to include a brand phrase match keyword, "brand name earrings," where before I was only targeting the exact match for the brand name.

The bid strategy is max conversion value with a target ROAS of 1000% -- I've had consistently ROAS of 3,000% - 4,000% on this campaign, so I wouldn't think that the bidding the cause of loss of competitiveness in search / impression share.

Has anyone ever experienced a similar situation? Any advice on how to get my impression share back to upper 90%s?

Thanks so much!

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