Before you start to read the poem, have some paper and a pencil on hand so that you can write down your thoughts as they come to you. Read the poem in its entirety before you begin to analyze it. Writers usually intend for their poems to be read aloud, so find a quiet place where you can do this without any distractions. It will help to jot down your first interpretation of the poem. Do the same again after a second reading, to further extrapolate the poets intent.
Have a clear understand of the context in which the poem was written. If it was written during a significant event or historical period, familiarize yourself with what was happening at the time. Take into consideration any poetic movements in history, including post-modernism, minimalism and imagism, and whether or not they apply to the work or poet. If you do not understand some of the words or cultural references, look them up in a dictionary or encyclopedia, or use online resources. Make a note of the information you find, next to the relevant sections of the poem.
Once you have familiarized yourself with the literal meaning of the poem, think about what the writer is trying to say. Determine who the "voice" behind the poem is (this isn't necessarily the writer) and who it is they are speaking to (e.g. a young girl to her mother). Other things to consider are the mood and tone of the poem, and how it subjectively makes you feel.
Analyze how the poet has used language to further convey meaning. Writers use many different devices--familiarize yourself with the key ones. Connotations are the suggested cultural and emotional meanings of words (e.g. "a barren desert" might imply fertility). Imagery is used to conjure up physical feelings that might come to mind when you think of a word ("a meadow" might make you imagine the smell of pollen, the feel of the wind, the sound of rustling leaves). A simile is used to compare an object or action to something else ("her eyes twinkled like stars"). A metaphor implies that an object or action actually is something else ("my teacher is a dragon").
Read the poem aloud and determine whether you can make out any kind of rhythm. Consider whether some of the words from each line rhyme, and whether the rhyming words are significant in any way. The rhythmic structure, or meter, refers to different sequences of syllables and how they sound. Meter will vary greatly from poem to poem. Some key techniques to look for include: stressed and unstressed syllables, dissonance, trochees and iambs.
Looking at its themes, explore how the poem fits into today's society and whether it is relevant in any particular way. Ask yourself whether you think the writer was successful in conveying his or her message. Include your personal response to the poem and how the poem speaks to you as the reader, summing up the final analysis to form your interpretation.