Newcastle boss Alan Pardew believes his side can build on their 12th-place finish with some astute spending.
Given Andy Carroll's departure to Liverpool and injuries to key players, Pardew believes Newcastle - promoted last season - have done well to secure a mid-table spot.
"We're the 12th best team but we need to improve on that," he said.
"We have a few transfer targets and are hoping to bring in some players over the summer."
Newcastle led West Brom 3-0 in the final game of the season but shipped three second half goals as Somen Tchoyi's hat-trick salvaged a point for the Baggies in a result Pardew believes was avoidable.
"It was a crazy game. Some individual performances were right on the button today but others weren't at their best and we should have won the game - no doubt about it," said Pardew.
"Although I am disappointed, I am trying to keep myself in the zone of saying it's been a great effort this year, and we mustn't get away from that. But we need to improve on 12th.
Newcastle fans are expecting the club to invest a chunk of the £35m they received for Carroll on a big-name striker and Pardew has admitted the club are already eyeing potential targets.
Meanwhile West Brom boss Roy Hodgson, another mid-season managerial appointment, singled out hat-trick hero Tchoyi for special praise after his treble rescued a point for his side.
"Tchoyi took a single-handed interest in taking us out of the mire with a tremendous hat-trick," said Hodgson.
"He did well at Wolves and I was anxious to give him another chance and he grabbed his chance with both feet - and his head.
"[It was] disappointing we started so poorly and shot ourselves in the foot with our defending.
"I was disappointed with the way we started and at 3-0 down we were staring down the barrel of a gun. But Tchoyi scored a brilliant hat-trick to get us a point that gets us slightly higher up the table."
Newcastle's second goal was a controversial strike from Peter Lovenkrands that, despite being awarded immediately by the assistant referee, was not categorically proven by TV replays.
Hodgson admitted that he couldn't see from his position in the dugout but hinted that goal-line technology should be used in such incidents.
"It would be foolish for me to have a strong opinion on the decision to award Newcastle's second goal given my view from the touchline," said Hodgson.
"Balls that cross the line in the air are always difficult to call so I have some degree of sympathy with the referees in these situations."