Lampard endured a tough competitive debut as Chelsea boss on Sunday as his side was beaten 4-0 by Manchester United in a performance that drew criticism for its naivety, Sky Sports reported.
Having qualified by virtue of winning last season's Europa League, Chelsea faces the daunting challenge of taking on the Champions League holder in Istanbul.
"Going up against the team with the quality of Liverpool in a final is as tense as finals can be," Lampard told uefa.com.
"Every player in there needs to be aware of the importance of the game to this club and we have to give everything, because it's going to be tough.
"It's going to be tough, but we cannot walk off the pitch and think, 'Oh, we could've done that' or 'We missed that opportunity' or 'We weren't quite ready' or make any excuses for ourselves."
Lampard's first summer as Chelsea boss has been restricted by a two-window ban on the club signing new players, with the departure of Eden Hazard further intensifying the challenge facing the 41-year-old.
While Chelsea claimed its sole Super Cup trophy in 1998, Lampard lost back-to-back finals during his playing career, as the West London club qualified for the UEFA showpiece in 2012 and 2013.
"We need to be absolutely ready," Lampard said.
"It's a cup that the club desperately wants to win. I've never won it, a lot of players in there have never won it, so we have to give it everything.
"You can lose finals; they're very tough. But what you cannot do is lose it on the premise that we weren't prepared, or we didn't have that hunger or desire or everything you need to try and win a game of this magnitude."