The reigning Magners League Champions currently sit sixth in the table after four defeats in their opening eight games.
O'Connell's men are two points and two positions off a play-off place and missing out on a place in the end-of-season finale would almost be unthinkable for one of Europe's most-consistent teams.
But O'Connell himself admits that things have to change if Munster are to keep hold of their Magners League crown.
"Our form is probably a bit of a concern," said O'Connell, who missed Friday's defeat to the Ospreys after suffering a calf strain in the lead up to the game.
"We'd rather be playing great rugby, rather be flying along in the Magners League. I suppose we've struggled a little bit. We've had injuries.
"I suppose that was our big strength last year in that it didn't matter who pulled on the jersey - we performed. And that's something we need to look at and something we need to get right."
O'Connell and co are in Heineken Cup action against Perpignan this weekend and next before returning to the Magners League to face Connacht and Ulster over Christmas and New Year.
It's a crucial period for a side looking to ensure their Magners League title doesn't slip from their grasp, while at the same time looking for a third European crown in five years.
But whatever the quality of opposition or the nature of the competition, O'Connell insists that the key as far as his side are concerned is ensuring their own house is in order.
That was the case in their last Magners League home game - a match that was accompanied by plenty of pressure but that ended in a comprehensive 24-10 win over Ulster for the Red Army.
Unsurprisingly, O'Connell is looking for more of the same this weekend and over the coming month.
"The main thing we always do is try and focus on ourselves," added O'Connell.
"When you get too bogged down and too focussed on other teams you end up not playing.
"In that Ulster week it was all about our performance and that's why we produced the game we did on the day. The Ulster game for us was a great game to get going with back home. We were flying high that day.
"We were just concerned about ourselves and it'll be the same this weekend.
"The main priority will be our own play and how we perform and the intensity we play at. Sure we'll look at their strengths. And address those strengths. But we have to focus on ourselves first and foremost."
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