Philippe Clement’s side face rivals Celtic tomorrow afternoon at Hampden just three days on from the 1-1 draw with Tottenham in the Europa League.
With several Gers stars looking to win the first major silverware of their career, Balogun thinks the European performance should give them confidence.
Speaking to the media, he said: “It would be massive to win the cup as it would be a first major trophy for a lot of the players and it would be huge for the club as well.
“We all sign here to win trophies and this is the next opportunity to do that.
“In these games, it is always about small margins and concentration is a big factor.
“At Rangers you have to win. Second is the first loser, so it is all or nothing.
“Thursday was reassuring, the way we played.
“I could imagine that it wasn’t expected by many people so we proved a point there.
“It is about taking that confidence and level of performance into the next game which happens to be quite big.
“It is very nice to prove a point but first and foremost we owed it to ourselves.
“There has been a lot of talk about the quality of players but if we don’t live up to that expectation then questions are rightly asked.
“Everyone in the group has shown we can do it and we need to keep that going.
“If you look at the recent Old Firm games the simple thing we need to do is win.
“If we play like we played against Tottenham, everyone in the squad knows how to do that and they have shown that.
“Now we need to look to do that.”
Moroccan striker Hamza Igamane made it five goals in five games with his strike against the English Premier League side.
Balogun is delighted to see the 22-year-old settling into life at Ibrox.
He added: “It is good to see Hamza is able to put things he does in training onto the big stage when it matters.
“He is on an excellent run. He is a strong player, his chest control is great, but it reminds me a little bit of Didier Drogba.
“It is nice to see and he is delightful. He has a bit of cheek to him, he loves a nutmeg.
“He has been really good and his performances speak for themselves.”