This is a Shiva Mantra which is for the Seekers; the Sadhus, Yogis, Sadhaks and those on the path to Nirvana. The meaning is simple and clear “I seek the blessings of the ONE who is the LORD of the Sadhus, Munis and Rishi.”
Most people seek some or the other material benefit from prayers and mantras. The seeker is the one who strives for only one thing in life; the discovery of God.
The Shiva Mantra is to be chanted like any other long term Meditation Mantra and is said to become potent after the completion of 900,000 chants.
However if you are a devote of any other deity like Vishnu, Ganesha or Dattatreya; you can always dedicate this mantra to any of them; there is no bar.
ॐ सधुवल्लभाय नमः ॥
Om Sadhuvallabhaya Namah ||