I am fairly certain I read someplace that the big-science-brains determined that earth's radio & TV signals get lost in background "space static" pretty close to our solar system (1-2 light years?)
To answer the original question, "Should we reply, and if so, what should we say?" First off, let's assume the aliens are really close, say 50 light years away. It would probably take 100-200 years to dialog with anything more than math. By then we would have learned so much more (about the aliens, and things in general) as to make our dialog obvious.
Having said that, we should mention the tax breaks we can offer them for relocating a space hub to Mars.