The Anfield club were in the title race for many months, but have dropped out in recent weeks after a string of poor results.
Speaking to Premier League Productions, Defoe stated: "I think (Diogo) Jota is probably the best finisher. He actually finishes, like calculated finishes. (Mohammed) Salah and Nez, they shoot if that makes sense.
"They don't finish. Even Nez, in the last action when he went through on goal, the obvious solution was to go around the goalkeeper and then pass it into an empty net.
"But, for whatever reason, he tries to dink it over him. It's the wrong thing to do in that situation. The chances, when it comes consistently, like week after week and game after game and you are missing all these chances, then you are competing against teams like Man City and Arsenal that get these chances and players are converting these chances. Then you are going to fall behind."