Dr. Don Whitney is one of my PhD professors of Biblical Spirituality. He has taught me that meditation is the absorption of Scripture, whereas Bible reading is the exposure to Scripture. Of course we need to be exposed to Scripture in order to absorb it, but we don't actually taste and see that God is good until we meditate. Just like we don't taste and see that a feast is good unless we stop staring at it and start eating.
Dr. Whitney has a wonderful website called The Center for Biblical Spirituality. He has a resource on how to grow in meditation, which I have found very valuable: Methods of Meditation on Scripture.
Oh, taste and see that the LORD is good!
Blessed is the man who takes refuge in him!
Oh, fear the LORD, you his saints,
for those who fear him have no lack!
The young lions suffer want and hunger;
but those who seek the LORD lack no good thing.