The former Borussia Dortmund coach brought much excitement and enthusiasm after replacing Brendan Rodgers in October, yet has picked up just 19 of a possible 42 points in the League since, as the Reds sit ninth in the English standings.
Yet former skipper Gerrard feels his former club need to stick with the experience tactician, and give him time to assert his influence.
"I think we need to give Klopp a couple of transfer windows and more time and maybe a full preseason with the team to get used to each other and get his stamp on the way he wants to play and his tactics," the LA Galaxy midfielder said.
"I think it's patience at Liverpool, but I'm very confident that Jurgen Klopp can improve things and bring success to the club because he's a fantastic manager.
"It's a results business. They need to prove that they belong in the top four by playing well and finding consistency.”
The 35-year-old admits it is tough for Liverpool to compete with some of the rich clubs in the Premier league, yet feels that should not be an excuse.
"Liverpool, it's very difficult for them to compete with Manchester City and Chelsea, but that's the same for 90 percent of the clubs around the world because some people and owners are a lot richer than others,” he continued.
"That's just the way of life. I don't think it has a huge effect because Liverpool have got fantastic players, a good team, a good manager.
"There's no excuses. You've got to go on and compete with the best. That's just the way it is at Liverpool. The expectations are high."
Liverpool face 16th-placed Norwich City in Saturday’s early Premier League kick-off at 14:45.