The Warriors need to win both of their remaining matches to stand any chance of reaching the last eight, and Townsend knows they might need a bonus point along the way as well.
"Our last two at a minimum we have to win," said Townsend.
"We might have to pick up a bonus point, depending on other results.
"It will be tough - Northampton are a good side. But we've got to build on a lot of the things we've done in the last couple of weeks that have been positive. We need to make sure we're much more accurate when we get opportunities."
Leone Nakarawa scored the only try for Glasgow, who had taken an early lead in Paris thanks to a Finn Russell penalty.
Racing's powerful pack fought back though and tries from all three members of their starting front row proved crucial before Manuel Carizza's bonus point try in the final seconds.
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