Experience will benefit Chiefs
The damage was done by half-time as the hosts ran in five unanswered tries to go in 34-0 ahead. Benjamin Kayser and Noa Nakaitaci set the tone with scores in the first 10 minutes, before Wesley Fofana, Nick Abendanon and a penalty try earned a home quarter-final for the Top14 side.
James Short went over in the first minute of the second half to get Exeter on the scoreboard, but Peceli Yato and Alexandre Lapandry re-established Clermont's dominance. However, Ollie Devoto, Ollie Woodburn and Michele Campagnaro all scored in a second half comeback to earn a bonus-point.
And Baxter believes his men will learn from their experience at Stade Marcel Michelin.
"I don't see why we can't win this competition one day. We are still a relatively young side and you have to go through these things when you are developing. Clermont have been banging at the door for years, and you can get close without winning things.
"This is a good kick in the pants for us, when Clermont beat us at home it turned out to be positive for us because it made us challenge ourselves. And next time we're in a must-win game, we must turn up in the right frame of mind and dictate what happens on the field.
"These boys will be better for the experience but we have to live in the here and now and it wasn't good enough. You have to learn and we took part in the game in the second half, which I give the players credit for," Baxter said.