Competing against the Legendary Godzilla is nigh impossible. However, they can try to corner the Japanese/Asian market and capitalize off of Legendary Godzilla's success.
Unless they try to do a really gritty reboot of Gamera, which I don't think would go over well since Gamera has never been seen as a pure destructive force like Godzilla originated as. Gamera has always had a small part of kindness shown in his films.
Either way, I'm hoping for a new kaiju anything. I'm always up for more Gamera.