Watkins struck in the first-half at Portman Road.
He later said, "They always put a lot of pressure on us and we couldn't really implement our game plan. Ipswich were always on to us and it was a bit of a basketball game which is what they wanted but we didn't.
"It was a difficult game and I think a point is a fair result. We didn't get it right in the final third, we could have been more ruthless myself included.
"A point is a fair result but disappointing because there were a lot of opportunities for us. They kept putting pressure on us, they're here at home, the made runs in behind and we grinded the result out in the end."
On facing Bayern Munich in the Champions League in midweek, he added: "Everybody is ready, there's a buzz around the club. Last year was special and this will be even better this year in the Champions League. You want to play in the best games in the world."