The Tigers picked up their second consecutive victory of the season on Saturday as they came from behind to beat the Chiefs 24-20 at Sandy Park.
Despite seeing his team come away with the points yesterday afternoon, Cockerill believes that they are far from the finished article.
"It is a good win on the road and you take it as that. We won't get too excited about the result; we will take some positives but there are a lot of things where we need to be better," he is quoted as saying by BBC Sport.
"Any win is a good win because I think sides will get beat here (at Exeter) that will be in and around us. I thought that Exeter played pretty well, I thought we could have played better but both sides had players missing."
Leicester continue their Aviva Premiership campaign next Saturday when they travel to old rivals Bath.