Montpellier dominated the encounter at Stade Yves du Manoir and a 34-21 victory kept their European hopes in Pool Six alive. The Blues, however, only had pride to play for and they came up short with a fourth group stage loss following their quarter-final defeat to Leinster last season.
Davies said: "It has not been easy but we are a pretty resilient bunch. Our time will come, we just need to stay determined. The frustration that we are feeling at the moment will fuel our fire to get some victories. We have a game plan, it's developing and we just need a few wins."
The Blues made a perfect start to the clash in the south of France with Wales captain Sam Warburton pouncing for an early try.
But Montpellier fought back and raced into 17-8 half-time lead thanks to tries from Timoci Nagusa and Rassie van Vuuren.
Yoan Audrin got the scoreboard ticking within a minute of the restart and although Alex Cuthbert hit-back for the Blues Johnnie Beattie put the result beyond doubt.
But despite the comprehensive defeat Davies was proud of his side's efforts and reckons there are plenty of positives to take from the performance.
He added: "Ultimately we were not good enough but I'm proud of that in a lot of ways. We fronted up from start to finish.
"It really wasn't easy out there but we showed a lot of spirit and a lot of pride.
"They are a top side with a massive pack of forwards. But the pleasing thing for us is that we stuck at it. We looked pretty competent at the scrum, we pinched a coupe of lineout balls off them and won our own balls. Generally there's a lot of things to be pleased with."