It’s a different country than in Reagan’s time, I don’t think the same playbook works today.
Obama had a failed record. That failure could have been handled better for sure. However, Romney never laid out the choice like Reagan did. He didn't explain how Obama’s policies made the economy worse, and how he could have done it better.
People didn't feel that Obama had succeeded, but they weren't really convinced that Romney could do better.
Obama was able to successfully claim that he had the worst situation anyone ever faced since FDR. That was not true. It should have been challenged, proved false, and how Reagan style policies would have been better and could have good results.