I've found it helpful (for any relevant scientific concept, not just chemical potential) to try to assemble and keep in mind:
1) A good definition, like the one you gave
2) Applicable equations (e.g., the one above, and knowing that
[tex]\mu_i=\left(\frac{\partial U}{\partial N_i}\right)_{S,V}=\left(\frac{\partial G}{\partial N_i}\right)[/tex]
which means that chemical potential of anything is its partial molar Gibbs free energy)
3) What it means when a number is positive, negative, or zero (e.g., photons, phonons, and any other nonconserved particles have a chemical potential of zero)
4) How to explain it to the layman (e.g., matter tends to go where the chemical potential is low)
If you can do this for a particular concept, you've gone a long way towards understanding it.