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Go back to the turn-based root, but make the game MUCH more difficult. Challenge Atlus. If they can make SMT franchise successful with their infamous difficulty, Square Enix can follow suit.
Accompanied by mature cast of characters and plot as well as beautiful (as per usual) graphics, soundtracks and interesting sidequests with great rewards and open world to explore, I don't see how Final Fantasy can not cater to the old and new fanbase simultaneously.