Iphone 5 Battery life issue?

So I recently got a 16g Iphone 5 as a gift but the problem is that it seems to drain a lot faster than any apple products iIve used (Itouch/Iphone 3, 4 gen).Is there any way to possibly reduce the battery drainage. Iv'e heard from friends that you need to completely drain your phone and then recharge it after and keep it for a day or so.

Yes, an iPhone can use the battery faster. I don't think there are any faults, but if this doesn't work, you can book an appointment to get it fixed.

Try turning down the brightness - though simple and obvious, it works.
Push email uses A LOT of battery, so go to Settings > mail, contacts & calendars > fetch. Make sure the fetch interval is set to manual. Push email basically downloads emails as soon as they arrive in your inbox; fetch email (on manual) checks your email server only when you open the mail app. You can change it later.
Double-press the home button and hold your finger on an app icon, until the red button appears. Press this on all of your apps. This doesn't delete the app, it just turns it off.
Go to Settings > Bluetooth > off. Again, you can change it when you have to use it.
Cellular data uses a lot of battery. Try to use your broadband Internet instead as often as possible. Whenever you use broadband, go to Settings > general> usage > cellular data & roaming > OFF. When you use your mobile Internet, switch it on and turn off Wi-Fi.
Turn off push notifications, or at least turn off some of the apps' notifications. If your phone is checking Facebook 80 times a day, it'll drain the battery.
Go to Settings > location services > off. Download BatterySense (the app) - it gives you tips and tells you how much battery you have left for certain activities.

Lastly, if none of these work, you can get a power solution like an external battery; mophie is a good case that you charge, and it charges your phone battery whenever it gets low and you don't have access to electricity.

Hope I helped!