Brendan Rodgers' side are currently seventh in the Premier League table, seven points behind fourth-placed Chelsea, and though they still retain a slim chance of reaching the Champions League, the Reds star says that they will edge closer with some more key additions.
"We know what the problem is and it's inconsistency," Gerrard told reporters. "In the minority of games we've played well enough to be higher than where we are in the league.
|13/10||Liverpool are 13/10 with Paddy Power to beat West Ham to nil
"That's the reason why we are sitting where we are in the table. In between those games there have been some fantastic performances, well worth a top four finish. So we know we're not far away but I think if you say that you haven't got what you deserved then there's an element of feeling sorry for yourself.
"If there's a few improvements in the summer to the squad, we believe we can put in a better challenge to the top four next season."
Despite Rodgers confirming that Gerrard will be offered a new contract in the near future, the 32-year-old is maintaining his focus on finishing the season well.
"For me, [a new contract] is not a priority at the moment," he opined. "The most important thing for me now is to move on to the West Ham game. I want to finish the season strong. I'm feeling good.
"Of course, I'm happy that the club are mentioning new contracts but it's not important at the moment.
"What we need to do is put pressure on for that European place. A lot of the teams above us need to play each other. We're hoping there's a few slip ups above us and we can capitalise, but it's important that we take maximum points."