The Reds have already lost five Premier League games this season and are 13 points adrift of leaders Chelsea with more than a third of the campaign gone.
Gerrard told the club's official website: "I have total belief in my team-mates.
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"We've certainly under-achieved this season. But after last season where we finished so close in second, we're virtually the same group of players. We've added a couple to that, obviously Glen Johnson who is a top player.
"We've just under-achieved this year, we haven't played to our capabilities. What we've learned so far this season is that if you do under-perform and don't match the teams around you chasing it, you will certainly fall behind as we have done.
"There are some fantastic teams out there full of world-class players. There are six or seven top-class teams in the league at the moment, all fighting for the top-four positions. The league is very difficult, we realise that.
"Our main target is to get back into the top-four. We're coming off the back of a fantastic win at Everton and we want to continue that against Blackburn and try and go on a run of games where we can get closer to the teams above us."
Source: DSG
