The Saints will go into Tuesday's pool draw for the 2011/12 campaign determined to avenge their bitter defeat to Leinster in last month's final.
"We are a good enough team to go away and build from it," said Foden.
"We have shown we can compete with some of the best teams in Europe. I think we are a good enough side to rebuild and make sure we are there or thereabouts again next season."
Northampton are one of four English teams to be ranked as second seeds, having been edged out of the top bracket by East Midlands rivals Leicester.
The seeding system is based on performances in the Heineken Cup and Amlin Challenge Cup over the past four years.
Defending European champions Leinster will be first out of the hat followed by fellow top seeds Toulouse, Munster, Cardiff Blues, Biarritz and Leicester.
The six clubs will be allocated a pool each and then joined by a team from each of the next three tiers of seeds.
Clermont Auvergne, Ospreys, Bath, Harlequins and London Irish are ranked as second seeds alongside Northampton.
Aviva Premiership champions Saracens are grouped with Ulster, Gloucester, Glasgow and the Scarlets as third seeds.
Sarries' teenage fly-half Owen Farrell said: "This club can be what it wants to be. We have created something special and this is the start of it.
"We want to go far in the Heineken Cup and we want to be in the Premiership final every year."
Irish province Connacht will make their Heineken Cup debut as fourth seeds, along Racing Metro and Top 14 runners-up Montpellier.
TIER 1 - Leinster, Toulouse, Munster, Cardiff Blues, Biarritz Olympique, Leicester Tigers
TIER 2 - Northampton Saints, ASM Clermont Auvergne, Ospreys, Bath Rugby, Harlequins, London Irish
TIER 3 - Ulster Rugby, Saracens, Gloucester Rugby, Glasgow Warriors, Scarlets, Edinburgh
TIER 4 - Connacht Rugby, Benetton Treviso, Castres Olympique, Montpellier, Racing Metro 92, Aironi Rugby.
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