How do you measure product-market fit?

Retention/Churn Rate is the only safe metric to know if the market is happy with your product. If they're happy, they stick around. However, this is a lagging indicator of product-market fit. A leading indicator would be nice of course. What that is, depends on your product/service. Possibly something related to specific milestones reached, frequency of actions performed etc. Leading indicators are dynamic formed by your current customers and they way they behave/use the product.

My co-founders and I built and open-sourced this framework: https://review.firstround.com/how-superhuman-built-an-engine-to-find-product-market-fit

1) paying customers for sure 2) people who will use your product even though it's not refined 😊

Customer Acquisition, Usage Metrics, Feedback, and Retention Rate are the key metrics to measure PMF.

Product-market fit can be measured by tracking metrics such as customer satisfaction, usage rates, and sales. Additionally, qualitative feedback from customers can be used to measure product-market fit. Surveys, interviews, focus groups and other research methods are often employed to understand how well a product meets the needs of its target market.

ORGANIC growth rate is the key

You just know you hit it :) On a more serious note it's a mix of product, ICP (ideal customer profile), distribution channel that makes hypervelocity adoption.

Good Question. A product-market fit can be measured in a variety of ways, including customer surveys, customer interviews, usage metrics, and revenue growth. Customer surveys can provide insight into how well customers perceive the product and how it meets their needs. Customer interviews can provide more in-depth feedback on the product and its features. Usage metrics can provide insight into how often customers are using the product and how they are using it. Finally, revenue growth can provide an indication of how well the product is resonating with customers.

I would say we look at the social flare that it is creating. After all, the market is social now, isn't it>

When you feel like you have achieved Product Market fit is when you have reached the low-hanging fruit, there is a lot more for you to work towards and that just is the start to see if you are on the right path at this point in time.