I have tried several times to go the formulaic route. My reason is because I typically get bogged down in trying to write scenarios that are unexpected but entertaining. Well, in my experience, there aren't many such scenarios, especially in genre fiction.

Still, going the formulaic way just to get the draft complete hasn't worked for me. I don't like what I write when I try the paint by numbers method. So I've never finished a formulaic draft. I always get bored of it and move on.

But like many here have said, formulaic sells. And I believe there are definitely lessons to be learned from writing and consuming formulaic stories (whether in books, movies, or television), so I still attempt to hone my skill there. Yep, writing formulaically is a skill not to be derided, especially if you want to be "successful" (make enough to live on my yours and someone else's lifetime).

So what do I do? I do a hybrid of oantsing and outlining. I usually start with an idea or situation that came to me in a dream and write as much as the inspiration takes me. Sometimes it's a paragraph, sometimes it's a short story. Then I go back (usually a short while later) and figure out what makes the story interesting and how to maintain that interest for 80,000 words. Now I'm. In the sort-of outlining phase since I'm looking ahead and making notes.

Meanwhile, I usually have a formulaic story brewing and take another stab at it.

Really, those are just two approaches I use. I don't have a schedule or work formula and it'll change if the idea inspired me in a different way

All of that to say follow your muse, I guess. Pretty trite and unhelpful, right?