The Saints had been under pressure following two losses to start the season, but began righting the ship with a solid 72-point victory over Greater Western Sydney at Manuka Oval on Saturday night.
They will need to step up considerably this week, however, as there will undoubtedly be a huge build-up to their match against a Bombers side that is currently the focus of the AFL world.
Essendon showed its mettle by responding to a week of inflammatory headlines with a stirring victory over Fremantle in Perth on Friday night to move to 3-0 for the season.
Coaches are often reticent to talk too much about the next challenge so soon after a game, typically preferring to reflect on the just-completed performance.
But Watters is already planning for the Bombers, which his St Kilda side will likely start as significant underdogs.
Amid talk of St Kilda facing a rebuild of its ageing list, Watters declared his team is all about the here and now.
"It started 10 or 15 minutes ago in our review," Watters said.
"Very quickly we focus on the standards we want to set this week.
"There was a lot made of us being a club that's gone into development mode.
"We want to compete and we relish the challenge that will come our way next week, as we did tonight.
"We play a great side that had a terrific win last night. We watched that game with interest and we can't wait to get into that contest."
Nathan Wright and Tom Lee made decent debuts for the Saints on Saturday night, while veterans Leigh Montagna, Nick Dal Santo, Nick Riewoldt and Sam Fisher showed they still have plenty of life left in their legs.
Fisher is one who is adamant there is no talk of rebuilding at the club.
"None of us old guys think we're rebuilding, that's for sure," Fisher said following his 184th appearances in St Kilda colours.
"Otherwise we'd be out the door.
"We still believe in ourselves and there's no bigger challenge than playing an undefeated side next week, so we look forward to that."
St Kilda found itself on the end of a Gary Ablett master-class in a surprise 13-point defeat in round one before showing some better signs in a 17-point loss to Richmond at the MCG.
Watters felt his side hadn't been taking its opportunities, something it had begun to rectify against GWS.
He was also asked about the possibility of being swept up in the swirl of media attention engulfing the Bombers.
"We haven't been in the spotlight for six months," Watters said with a smile.
"We'd probably be more startled if the camera actually came onto us.
"We'll just go about our business and we look forward to the contest."
James Dampney is a reporter for AFL.com.au. Follow him on Twitter: @AFL_JD
