Skim the poem for its length and form. You can usually (though not always) expect a poem of several pages to tell a story, whereas a short poem of several lines will generally express an idea or a very short argument.
Look for divisions in the text. Approach each stanza as you would approach a paragraph in prose - as the detailed development of a single idea.
Locate all sentence endings so you can concentrate on one sentence at a time. This is very useful in poems with difficult syntax.
Familiarize yourself with terms such as "image," "simile," "metaphor," "symbol" and "allegory," in that order. Consider how each is used.
Mark similar or related words, phrases and ideas with the same color of pen. Words such as "death," "ashes," "dust" and "decay" could be marked in brown while "green," "spring," "bud," "life" and "new" could be marked in green. This way, you'll be able to follow the development of ideas and changes in emphasis visually. Use as many colors as you think necessary.
Look up all words you don't know.
Read the poem aloud as if it were prose. Don't pause at the end of each line unless punctuation requires it.
Reread the poem for new insights.