This is a natural question and I would specify the question a bit to say "how do we validate that our product strategy is the right one for us?"
Might seem like a small delineation, but the truth is, no one strategy is right for every company or product. What works amazingly for one company could yield paltry results for another.
For that reason, I'd say the best starting place to determine whether you're developing a strategy that is right for your situation is
- To be clear on the first principles you're designing around
- Try your hardest to maintain an environment of intellectual honesty that normalizes healthy friction (by healthy friction, I mean people care, are not afraid of unnecessary repercussions for sharing original ideas, and communicate in a compassionate way with one another)
- Have a bias for action instead of perfection
Every strategy looks great in a deck or on a whiteboard, but you have to be willing to put something out there and see what the world tells you. To paraphrase Mike Tyson, everyone has a plan until they get punched in the mouth. If you've designed your strategy from your principles, aligned them to your goals, brought people along the journey with you, and aren't afraid of changing your mind due to feedback (👊🏾 ), you'll be able to inch yourself closer to what's best for your company.