That ensured Connacht narrowly missed out on automatic qualification to the Champions Cup before also falling to defeat against Gloucester in the end of season European play-offs.
And Lam believes that disappointment will spur his players on to a successful campaign on all fronts this year as they look to return to the top level of European competition.
"While we had our best finish in the league and achieved a lot of milestones last season, we were all extremely disappointed to fall just short of our ultimate goal," said Lam.
"But getting so close has instilled real belief that we can achieve it this season and we are determined to do so.
"There are two ways we can qualify this season. We must finish in the top six of the Pro12 or win the Challenge Cup. Both would be huge and we'll be targeting the two competitions from the start.
"It's not lost on us that winning the Challenge Cup and a trophy would be massive for Connacht Rugby and our supporters and it's great that the bonus this year would be Champions Cup qualification.
"The players came back in really good condition after the few weeks break and are extremely focused.
"It's my third year as coach and my third year with a lot of these players so that allowed us to not only pick up where we left off quite seamlessly but also focus on even more detail in terms of our game."
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