Liverpool captain Jordan Henderson backed his team to "do something great" this season after their new arrivals.
Jurgen Klopp has signed the likes of Sadio Mane, Georginio Wijnaldum, Joel Matip and Loris Karius ahead of the upcoming campaign.
After the German took over in October last year, Liverpool reached two finals - but they were beaten in the League Cup and Europa League deciders by Manchester City and Sevilla respectively.
Henderson believes his side showed huge improvement last season and said they would take further steps in 2016-17.
"I think you've got to use both of those experiences as best you can," the England midfielder told the club's website.
"They were disappointing defeats but hopefully if we get there in another final soon then we know exactly what to expect and use that drive to push on even more.
"The experiences we had last season, I felt as though we improved throughout the season and I think we'll just continue to improve.
"We've got new faces coming in who'll improve the squad and I feel as though we're going in the right direction.
"With the team we've got and the manager we've got, we can definitely do something great this year.
"We've got to just focus on ourselves. There have been a lot of changes at other clubs but I'm very confident we can do well this season."
Liverpool are playing in the International Champions Cup in the United States before opening their Premier League campaign at Arsenal on August 14.