Given how long it's been out, it's fairly solid. The quality of games isn't the main problem, so the purpose of this thread is to discuss what other factors can make it a major sales success. 

.P.R.I.C.E.C.U.T.

Punch every nay sayer in the throat. Nay Sayers hate being punched in the throat.

Bundle in the 4gb card to make it a ready to play package.

Give it time. Bigger titles and a holiday are coming. With more advertisement around then there should be better results.

Give away some free PSP games to those who buy a Vita in Japan. The PSP is stealing the Vita's momentum.

Forcing/financing digital availability for all new PSP titles will boost sales.

Release PS Mobile and advertise the Vita as a multi tool device but with quality games.

Buy a game get it for PSV and PS3 for all psn titles.

More controller capabilities like with LBP2.

Price cut, bundle with memory, and add a variety of well known multi-platform titles. However, it's much easier said than done.

1) Sony sucks at marketing. We all know this. But it's been particularly bad with the Vita

2) Either reduce the price, or replace the current SKUs with ones that permanently include a free game, PSN voucher, and memory card.

Sony used to be quite good at marketing with the PS1 and PS2. I just wonder what the hell happened. 

Stronger marketing - I think I've seen maybe 5 commercials for this thing since it came out. I haven't seen a single commercial for Gravity Rush. Most people don't even know about the product.

Bundle - Every Vita should come with at least 1 4GB memory card and a free game. Uncharted Golden Abyss would be the most logical decision, it worked for the Genesis.

Price cut - A 50$ on both units will do a lot to help sales, even if it means a stronger loss.

More Japanese support - Persona 4 has been the biggest Vita game in Japan and it was just a port of a PS2 game. Where's Monster Hunter? Final Fantasy? Kingdom Hearts? I know FFX is coming to Vita but that's just another port and it's coming to the PS3 as well.

I would sell the games for 10~20 dollars on the PS Store, and the console for 200. A drop on the Memory Cards would be sweet too

Marketing's changed, evolved. A successful campaign needs to work seamlessly across multiple platforms, appear at multiple venues, and include techniques like viral marketing and social media. Sony can't do this effectively, like most of the way the company works, they seem to be stuck in the past.

Instead, they try to make one or two TV commercials which are ridiculously expensive, rely on some gimic (like killing a goat, including fuck-scary babies, or appealing to people who already buy their products with fanservice like Kevin Butler), top-heavy, and are flat. It's not about just impressing your audience, anymore, you have to build a connection. You don't just have to provide a product, but a way of life.

I think your typical price cut+more games formula would work well.