Price cuts make it more possible for people to buy the consoles but games are the reason they buy them in the first place. A combination of the two is what is needed.
The ace card that Nintendo has is the very low cost design of the wii u. It means they can always have a price advantage over ps4/xbox 720. Unfortunately at the moment the wii u is competing with 360 and PS3 which it has a price disadvantage and they offer similar gaming experiences and a lot more gaming choices.
Wii u needs amazing exclusive games that fully exploit the hardware and gamepad, that will create consumer desire to buy and an affordable price will enable them to buy the console.
