Just six fixtures remain in this year's competition, with a trip to face Italian side Zebre, who currently sit bottom of the RaboDirect PRO12 table, next up for Lyn Jones' men.
And 27-year-old Smith believes given the disappointment the players felt after last weekend they must produce a response to make sure they have something to show for their efforts this season.
"Connacht was a massive missed opportunity but it has gone now and we have to move on," Smith told Wales Online.
"There is still a lot to play for and we need to put things right against Zebre. We don't want the season to peter out and we spoke as a group right after Sunday's game and said that there is still a massive opportunity.
"We owe that to ourselves because it has been a decent season; not an amazing one but there have definitely been improvements."
Guinness PRO12 Dragons News
63x46.png){kind=logo}