The club's involvement in this year's competition ended following a 29-20 defeat to Leinster on Saturday, but Baxter has insisted that "the Premiership's our bread and butter".
"We're desperate for it. But it's like anything, the Premiership's our bread and butter," Baxter told BBC Radio Devon.
"We've used the intensity of the Heineken Cup to help make us a better team and that's what we have to take into the Premiership.
"If we do well in the Premiership and perform to the levels we can, then we should be able to get there again."
The Chiefs finished fifth in the Premiership last season.