Indicates that failure wasn't due to a lack of effort or dedication on someone's part. She didn't win the competition, but it wasn't for lack of trying.
Pro Tip 2/3
Subtle Encouragement
Can subtly encourage or console someone after an unsuccessful attempt. I know you didn't pass this time, but it wasn't for want of trying.
Pro Tip 3/3
Context Sensitive
Best understood in contexts involving attempts at achieving difficult tasks or goals. The summit was unreachable due to weather, not for lack of trying.