Swansea's recent run had seen them pick up draws against Chelsea and Liverpool, and record wins over Newcastle, West Brom and Arsenal, and they were fancied by many to pick up another three points against the Canaries.
But an abject first-half display put paid to those hopes as goals from Steven Whittaker, Sebastien Bassong and Grant Holt gave the visitors a 3-0 half-time lead.
Swansea rallied through goals from Michu and Jonathan de Guzman before Itay Shechter had an equaliser ruled out after Michu was adjudged to have fouled Mark Bunn.
Robert Snodgrass then made the win safe for Norwich with a fantastic free-kick, before Michu grabbed a late consolation.
Laudrup was honest enough to admit his side had not deserved anything from the game after their performance during the opening half, and believes the Swans may have got a bit carried away following their recent run.
He said: "I think the players realised you can't play at 90 per cent at this level, you have to play at 100.
"This team has shown more than once that they have a lot of character, and I don't think it would be fair to criticise us because of one bad half.
"We have given so much in the last few games, everybody is allowed to play bad but it was a pity as with a slightly better performance in the first half we would have won.
"It's a lesson for us that we have to be at 100 per cent. You can't always play well but in recent weeks we have played Arsenal, Liverpool, Chelsea and Manchester City and we conceded an average of three chances in each game."