PMF
Product-Market Fit
In one line
Product-market fit (PMF) is the state where a product clearly satisfies a real market demand — usage compounds, churn drops and word of mouth starts doing real work.
Going deeper
PMF describes the state where the market is pulling on the product rather than the team having to push. The concept is usually credited to Andy Rachleff (Benchmark Capital), and Marc Andreessen popularised the phrasing in his 2007 essay 'The only thing that matters'. Before PMF you persuade users; after PMF they show up on their own and use the product more over time.
The concept is famously fuzzy, but a few practical signals show up repeatedly. Sean Ellis's 40% rule (40%+ of users would be 'very disappointed' if the product went away), a flattening retention curve, and a meaningful share of organic, unpaid acquisition all count.
PMF isn't a one-time achievement either. Markets shift, competitors arrive and the user base fragments — and many companies end up rediscovering PMF post-Series B because the original fit eroded under their feet.
Sources
Related terms
North Star Metric
A north star metric (NSM) is the single number that best captures the core value your product delivers to customers, used to align decisions across the whole company.
MarketingRetention
Retention is the share of users who continue to use or purchase from your product over time after their first touch — a primary signal of long-term product health.
MarketingGrowth Hacking
Growth hacking is the discipline that combines data, rapid experimentation and product changes to find scalable levers for user and revenue growth.
MarketingBuyer Persona
A buyer persona is a semi-fictional profile that summarises an ideal target customer's demographics, behaviours, goals and pain points in a single, shareable form.
MarketingAARRR
AARRR — Acquisition, Activation, Retention, Referral, Revenue — is the five-stage growth metrics framework popularised by Dave McClure and used as the default scaffolding for growth teams.
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