What the phrase means
Product-market fit describes the point where a specific market segment demonstrably wants the product: customers adopt without heroics, keep using it, pay prices that support the model, and increasingly arrive through word of mouth. It is a property of a product and a segment together; fit in one segment says little about the next.
Why the timing of the claim matters
The declaration of fit is what authorises the expensive part: hiring the sales team, raising the marketing budget, committing to growth targets. Scale before fit and the machine amplifies whatever exists, which means acquiring customers who churn, at a cost the economics never repay. The evidence that deserves the label is behavioural and retrospective: cohort retention that flattens rather than decaying to zero, usage that survives the end of onboarding attention, renewal and expansion without discount pressure. Pipeline, signed pilots and enthusiasm in reference calls are all evidence of interest. Interest is not fit.