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"This is a great way for us to start because we have nothing to lose," said Smith, speaking at the French Launch of this season's Heineken Cup in Paris.
"Everyone knows that Saracens are a very good side and they are under huge pressure to follow up their success last season by going on to win the Heineken Cup. That means we can just go to Vicarage Road to play our own game, be competitive and learn as much as we can."
With his 12 Italian World Cup players now back in harness, Smith had hoped to make it five wins in a row in the RaboDirect PRO12 after an outstanding start to their league campaign. Included among that run were a 15-13 away win at Glasgow and a stunning 23-12 triumph against Ulster at Ravenhill.
But a 22-11 home defeat at the hands of Edinburgh at Stadio Monigo last weekend brought their run to an end and, according to Smith, brought his players back down to earth with a bump.
"I really tried hard to keep the players' feet on the ground, but Edinburgh had a greater hunger than we did. We are a better team than the result last weekend shows and maybe we will learn more from that defeat than had we won again," confessed Smith.
"We are building again this year and there is no doubt we have learned a huge amount in the past 18 months. What we are looking to find now is consistency in our game and the mental strength to be truly competitive wherever we play.
"We have come a long way, but we are still growing. In the Heineken Cup every game is like a cup final for us, especially when we come up against teams that have vast experience and such big budgets.
"Against Saracens we know our defence will have to be at its best and we need to rise to the intensity of the occasion. But more than anything we cannot afford to be intimidated by the fact they are the English Champions."
