Agile measurement

The ultimate measure is the number and severity of defects in the working software delivered each iteration.  But, this is a metric for the whole team, not just the testers.

In order to minimize this metric over time and eventually reach near 0, it is not sufficient to just increase testing efforts or just develop with more skill or discipline (or just do even both).  It is essential to root cause the defects that are being delivered and work together to resolve those root causes.  In many cases, the root causes of defects will show the need to try to do things a bit differently instead of just doing them the same way only "better".

Over time, it will be impossible to do enough manual testing to maintain quality and velocity - ramping up automated testing is essential for long term success.  Nothing comes for free, so the team may have to commit to delivering a bit fewer stories for several iterations in order to increase quality and put into place the practices that will allow it to maintain that level of quality.