Jurgen Klopp has said that it would be "big" if Liverpool managed to secure a top-four finish in the Premier League this season.
Liverpool are sixth in the table, five points behind fourth-placed West Ham United following a run of four consecutive defeats in the league.
Klopp's side have also lost four league games in a row at Anfield for the first time since 1923 during this poor run.
When asked in a news conference what it would mean for the club to finish in the Champions League places, Klopp replied: "Big.
"So the game we played against Leicester, we lost but the performance we showed on that day, that's a game usually where only one team wins. We played against West Ham and I think they're in front of us as well but it's all about results.
"The table doesn't lie, never. We know that performance-wise we are not that far away but results-wise we are, so that's what we have to change. For all the different reasons that it was a difficult season so far for us, we've always tried to sort it.
"But while we try to solve one problem, another one occurs and that's how it is. That's in a season where it's not going perfect which is the case for us for sure. It then means that other clubs with big potential, [Manchester] City, [Manchester] United, Leicester, Chelsea, West Ham who are in and around us. Tottenham have similar problems to the ones we have maybe and Arsenal as well so there is a distance to go for us.
"We don't have to think about that really, we have to think about Sheffield United. If we can do that then we are maybe a step closer or not. Chelsea is coming as well which will be a proper game so if we do it [finish in the top four] in the end, it would be big."
Liverpool could also secure a place in the Champions League next season by winning the competition this year, and find themselves in a good position to progress into the quarterfinals with a 2-0 lead over RB Leipzig going into the second leg of their round-of-16 clash.
Ahead of the trip to Sheffield United on Sunday, Klopp also dismissed talk of a potential rebuild at the club this summer but said they are planning to make changes in the future.
"I don't think it's time for a massive rebuild," he added. "The squad of this year didn't have the chance to play together so I think it would make sense to look at that as well.
"On top of that, little readjustments will happen, so reacting to the situation but planning at the same time for the future. I'm not sure we can do that in the summer to be honest but that's what we'll try."