The French giants ran in six tries to end the Chiefs' mathematical hopes in Europe and stretch their own winning run to 54 matches at Stade Marcel Michelin.
Baxter said: "It's not the big drama some people might think it is. There are some very good teams in the competition and Clermont are certainly one of them."
He added: "We had our moments in the game and we didn't quite see them off. The reality of it is we have come up against a very good side, not only with very good individual players but a team that play a good brand of rugby.
"I haven't got too many points but there are lessons to learn. In the first half we were playing the scoreboard and not what was in front of us.
"We were noticeably better in the first quarter of the second half. We were getting used to the pace of the game, defensively we were holding things together and the set-piece was going well.
"I'm a bit disappointed with us crumbling in the final quarter. But we were a bit unfortunate.
"We made a substitution and the guy got injured, we picked up another injury in a similar position and all of a sudden we're trying to defend against a team going for a bonus point with a hooker in the back row, two fly-halves on the pitch and a centre on the wing.
"It's been a real tough lesson for us but there's two ways you take it, you doubt yourself or look at fantastic results in the past and move on.
"We have to learn from this and improve instead of being down on ourselves. There's no instant fixes and we have to take steps."
- Sports & Recreation