The Bianconeri suffered their first defeat of the season at the weekend, blowing a two-goal lead as they suffered a shock 4-2 loss to Serie A rivals Fiorentina.
Conte admits that he remains baffled by Juve's capitulation at the Artemio Franchi but he is expecting his players to rise to the occasion against Madrid on Wednesday night.
"Something unthinkable happened in Florence, but in football these things can happen," the former Italy international told reporters on Tuesday.
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"But this game against Madrid gives us great excitement and motivation. We are playing against one of the most decorated sides in the world.
"It will a tough game, but I'm sure that we will give our all. We must be willing to suffer. It will take great attention on our part, from a technical and tactical point of view.
"We respect them, but we certainly don't fear them."
The game at the Santiago Bernabeu pits Conte against a coach he served under during his time at Juve as a player, Carlo Ancelotti, a man he holds in the highest esteem.
"Certainly, as a coach, I envy the successful career that Carlo has had, although I have not started so badly myself," he mused.
"It's clearly not a negative envy, rather a compliment to the path that he has followed. And now he has arrived at Real Madrid, who are the maximum."
Juventus have drawn their opening two games in Group B, so they are in dire need of a win at the Santiago Bernabeu. Conte, therefore, is hoping that two of his most experienced performers will lead by example.
"Gianluigi Buffon is a champion, both as a player and as a man," the ex-Bianconeri midfielder enthused, "while since joining, Carlos Tevez has brought great desire and has had a great impact on Juve's world."