The Titans are in 16th position with six wins for the season, the same position they finished in last year at the end of a dire 2025 when former coach Des Hasler was sacked.
The Titans fell 28-0 behind against South Sydney in Robina on Saturday, surged to trail 28-16 before fading to lose 42-22.
Hannay acknowledged "the ugly start" and said he had to get to the bottom of why it occurred.
He said different individuals in different games were "missing their assignment", not through a lack of care or understanding of their roles.
"It is a mental thing and not a physical thing," he said.
"Once we get into the contest we go toe-to-toe with teams. It was looking scary (at 28-0 down) but I thought mid-way through the second half we might have gone on and won it.
"We were way on top, but once we got on top we didn't have the experience and know-how in that situation to win the game."
When asked if showing faith in the players at the club or going to market was the answer, Hannay was emphatic.
"To become experienced you've got to go through it," Hannay said.
"You don't go out and buy experience. You've actually got to gain it, you've got to earn it. You've got to play 100 games.
"This idea that we constantly want to go out and buy solutions... it's just garbage. It's not the answer.
"If you feel confident you've got the right people, then you persist with them. You're going to go through some sh**, but if you're confident you've got the right people, then you persist and then when they come out the other side and next time they're in that position, they know exactly what to do.Â
"But if you don't go through it, you don't know how to handle it."
In the NRL, clubs don't often allow coaches time to pursue long-term fixes but Hannay said the turnaround was not necessarily in the distant future.
"It might be 12 months away. Things can turn quickly," he said.
"(We're) pretty clear on the group we've got here and persisting with the group. There's no sugar hit sort of solution where you just go and buy an experienced player to fix everything.
"You've got to commit to something and see it through."
Captain Tino Fa'asuamaleaui, who has been through tough times at the Titans, backed the coach.
"We have got the cattle, we've got the people around us to get us to the place I've always seen us as a club and I back that 100 per cent," Fa'asuamaleaui added.
"Obviously there's been some dark times for this club and there has been this year, but within our four walls it's a lot of light.
"I know people outside wouldn't see that, but I back this group and the boys to stay strong, back our coach, and we'll get to where we want to get to.
"If that's 12 months, if that's two years, I'm in for it, and I'll continue to back it because the person next to me here, Josh, is the person I back and all the group does too."
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