With Phil Spencer's good guy attitude, they might. He needs to be more of shark. He needs to buy bigger and better studios or build new ones in California or other areas full of seasoned devs. Sony's buying up a bunch of timed exclusives, exclusive DLC (exclusive or not) and they are doing a bunch of great promotions with the biggest games like GTA and COD.
Microsoft needs to be more creative and innovative if they are going to want to convince the person deciding between Xbox and PlayStation to choose Xbox and to convince the existing PlayStation owner to also own an Xbox. PlayStation has crazy brand loyalty.
One strategy that I think they should do (not a main one but something I think worth investing into) to get more console sales would be to help make the Xbox a better offline-social/party console. The Nintendo Switch right now is the console you want to own if you have friends and family because it has so many games you can play together. Smash, Mario Kart, New Mario, Luigi Mansion, Mario Sports, Mario Party and the plethora of third party games. Wiis used to have this value from Wii Sports. Guitar Hero and Rock Band brought people over too. I think Microsoft should include Halo 1 and Perfect Dark as free bundle pre-installed games on every Xbox as they probably won't get many sales for those games anymore and then they include up-selling advertisements in them to sell MCC and Rare Replay. Then after that they should encourage their own devs to support split screen in their games and create new games (like fuzion frenzy, kart racers, sports games, co-op) that make the Xbox a great party console and console that family (siblings, paternal) can enjoy together. This would also encourage more controller sales as well.