Solidification
The purpose of this phase isn't primarily to expand our knowledge of scripture, but it is to solidify it, or make it firm in our minds and hearts.
Write
Writing is a powerful way to internalize what we've learned. When we write, we are forced to articulate our ideas in a simple, yet comprehensive way. It is a way for us to verify that we indeed understand the concepts. Additionally, when we write, we have the opportunity to add our own perspectives. We can build on the truths we've learned with experiences and observations from our own lives.
Share and Discuss
Taking it to the next step, we can share our learnings and thoughts with others. This can be with a friend, on social media, or in a family setting. As with writing, to effectively teach someone anything, we need to clearly understand it. This provides two more opportunities for us as well. First, we can bare testimony of true doctrine and principles. As we've been taught, our testimony is strengthened when we share it, and we can have positive impacts on those we love. Second, this provides a way for us to open our minds to others' perspectives, which we will often not have fully considered before.
Memorize
Great power can come from memorizing scriptures. To memorize a scripture is to forge a new friendship. It is like discovering a new individual who can help in time of need, give inspiration and comfort, and be a source of motivation for needed change.
When we memorize scripture, we are preparing minds and hearts for moments of trial or sharing of testimony. The Spirit will work in us to call to our minds the things which we have learned, but we must learn it in the first place.
But the Comforter, which is the Holy Ghost, whom the Father will send in my name, he shall teach you all things, and bring all things to your remembrance, whatsoever I have said unto you.
Before trying to memorize passages verbatim, it may be more helpful to begin with memorizing key chapter summaries to get familiar with the content and flow of entire books of scripture.
Apply
The final step is striving to know how we ought to apply scripture to our own lives. As Nephi explained in the often quoted verse:
I did liken all scriptures unto us, that it might be for our profit and learning.
This step is intentionally left for last, because much of this will happen naturally. As we immerse ourselves in God's Word, His Spirit will work in us and change our hearts. However, it is still beneficial to regularly think about specific lessons we are learning, and ask, "Is it I?".
Examine the experiences, behaviors, and attitudes of the characters in scripture and complete a self-reflection. Look for how the teachings apply to your specific roles (e.g., as a parent, spouse, or in your calling).
If you have stewardship over someone such as your children, you might also ponder how you can use that knowledge to benefit them.
Finally, consider the implications for society at large. We can learn from the examples of the past and better prepare ourselves for the Kingdom of God.