When dealing with the emergence of a competitor, launching a new marketing campaign could form one element of your response.
However, it’s not the very first step you should take. Before launching any campaign, you have to decide what you want to say and who you want to target. In the face of a competitor, the content of your campaign should be tailored to address the threat posed to your business.
Your first step must therefore be to identify what your competitor is offering. Is this really a threat to your target market? You should then choose whether to fight them head-on, to focus on retaining your existing customer base, or to diversify to target a different market segment. This decision will then inform the content of your marketing campaign.