Last year, my company carried out a survey of large North American businesses (a mean revenue of $6 billion) to see what they perceived to be the biggest marketing challenges for 2015 and what marketing strategies they are using.

This finding jumped out at us: Only 27% of US B2B firms carry out competitor research, even though almost half of them cite "countering the competition" as one of their top five business challenges.

It's true that many businesses can recall the names of their major competitors and perhaps even tell an anecdote or two about them. Others keep files of rivals' brochures and press cuttings, and a minority produce dossiers on the competition that are regularly updated, containing marketing implications and recommendations for action.

However, that information barely touches the surface, and it doesn't provide the necessary insight on competitors that can appropriately inform business strategy.

If US B2B firms want to successfully counter the competition, a more in-depth analysis of the marketplace is required.

Competitor research is essential

Fundamentally, business is about beating the competition; you cannot make judgments around strategies for doing so without understanding the strengths and weaknesses of competitors. Rivals' activity affects everything from product planning to pricing strategies and even acquisition policy.

For example, determining a firm's product range necessitates that the marketer have a detailed knowledge of all competitor products—and prices—in order to make comparisons and determine options for diversification.

For most companies, it isn't a case of not understanding the importance of competitor research; it's a matter of being overwhelmed with gathering the amount of information needed but having what they perceive to be too few resources.

However, intelligence does not require anyone to co-opt a competitor's employee or search through its garbage cans. You don't have to be devious to obtain information on the competition. Sources that are legitimate and inexpensive are easy to find if you know where to look and what to look for. Here are our top five tips.

1. Speak to your customers

First of all, there is no more effective, reliable, or valuable source of competitor information than customers.

In the digital age, buyers have never been so willing to say exactly what they want and how they want it, or to complain and take their business elsewhere if their requirements are not fulfilled. Customers often display a remarkable level of candor when talking about their suppliers, even those with whom they have a close and collaborative relationship.