If you are not enough experienced with advertising in these channels or with SEO techniques at all you can hire an external company to do it for you.
1) Low price
2) Good quality
3) Good service
Choose the TWO that are most important to you and FOCUS on them. If you try to focus on all three, YOU WILL FAIL since it is IMPOSSIBLE to do all three at the same time.
In general, it is ALWAYS better to focus on QUALITY and SERVICE. Buyers will remember your quality and service long after they have forgotten your higher price. Playing the low price game with giants is usually the losing position to be in, but giants have a very hard time playing the quality and service games, so a small competitor can usually run rings around the giants there.
Use social media, enhance your website, use Google Adwords or whatever lets you reach your target market in the most effective manner. It can be quite costly, but that’s just a matter of allotting the right budget on the right campaigns. But I suggest you really get the best use out of social media; pal, that’s free!
About inviting more customers or enticing the competitor’s customers to your business, well, give them the best value out of their purchase! What can you offer? Can you give out discount vouchers or a certain amount off when they do it online? That sounds a great idea.