Liverpool sit two points off Premier League leaders Manchester City, while they battle to qualify from their Champions League group against PSG, Napoli and Red Star Belgrade.
Chelsea knocked the 'Reds' out of the League Cup in September, and boss Jurgen Klopp is still yet to win a trophy at Liverpool.
Speaking to 'Sky Sports', former striker Robbie Fowler insisted Liverpool have to start winning trophies as their team improves.
He remarked: "A gauge is getting as high up in the league as they can. As much as we talk about Liverpool being this unbelievable side who are easy on the eye and great to watch, there comes a time when you need to start winning stuff.
"I think Jurgen Klopp's getting together a great, great squad but I think one of the problems we have is Manchester City are brilliant.
"That's one of the big problems. You can get a wonderful side put together but you've got to try and catch them and then hang onto their coat tails."
Fowler was also asked if he believes top-four is enough of a target for Liverpool, and he responded: "For me, no. It really isn't it because I'm not one of these fans that think you should be celebrating finishing fourth. I think a chairman or the owners should be the ones celebrating. For me that's celebrating mediocrity. I've always wanted to win stuff.
"I wanted to be remembered for what trophies I won as opposed to where I finished in the league. I understand why clubs are happy finishing in the top four but I think a club the size of Liverpool's stature should be finishing in the top four all the time anyway.
"As I said before, there comes a time when you need to win a trophy. I don't care if it's a League Cup. People will belittle that but I've won one, it's a brilliant trophy. When you think of football in terms of what you can win there's an FA Cup, a League Cup, the Premier League and the Champions League. There are only four trophies so it's tough."