My interpretation is that, the derivative (zipper) of T is the type of all instances that resembles the "shape" of T, but with exactly 1 element replaced by a "hole".
For instance, a list is 
List t = 1     []
       + t     [a]
       + t^2   [a,b]
       + t^3   [a,b,c]
       + t^4   [a,b,c,d]
       + ...   [a,b,c,d,...]
if we replace any of those 'a', 'b', 'c' etc by a hole (represented as @), we'll get
List' t = 0      empty list doesn't have hole
        + 1      [@]
        + 2*t    [@,b]     or [a,@]
        + 3*t^2  [@,b,c]   or [a,@,c]   or [a,b,@]
        + 4*t^3  [@,b,c,d] or [a,@,c,d] or [a,b,@,d] or [a,b,c,@]
        + ...
Another example, a binary tree is
data Tree t = TEmpty | TNode t (Tree t) (Tree t)
-- Tree t = 1 + t (Tree t)^2
so adding a hole generates the type:
{-
Tree' t = 0                    empty tree doesn't have hole
        + (Tree X)^2           the root is a hole, followed by 2 normal trees
        + t*(Tree' t)*(Tree t) the left tree has a hole, the right is normal
        + t*(Tree t)*(Tree' t) the left tree is normal, the right has a hole
          @    or      x     or     x    
         / \          / \          / \   
        a   b       @?   b        a   @?
       /\   /\     / \   /\      /\   /\ 
      c  d e  f   @? @? e  f    c  d @? @?
-}
data Tree' t = THit (Tree t) (Tree t)
             | TLeft t (Tree' t) (Tree t)
             | TRight t (Tree t) (Tree' t)
A third example which illustrates the chain rule is the rose tree (variadic tree):
data Rose t = RNode t [Rose t]
-- R t = t*List(R t)
the derivative says R' t = List(R t) + t * List'(R t) * R' t, which means
{-
R' t = List (R t)        the root is a hole
     + t                 we have a normal root node,
       * List' (R t)       and a list that has a hole,
       * R' t              and we put a holed rose tree at the list's hole
        x
        |
       [a,b,c,...,p,@?,r,...]
                    |
                   [@?,...]
-}
data Rose' t = RHit [Rose t] | RChild t (List' (Rose t)) (Rose' t)
Note that data List' t = LHit [t] | LTail t (List' t).
(These may be different from the conventional types where a zipper is a list of "directions", but they are isomorphic.)
The derivative is a systematic way to record how to encode a location in a structure, e.g. we can search with: (not quite optimized)
locateL :: (t -> Bool) -> [t] -> Maybe (t, List' t)
locateL _ [] = Nothing
locateL f (x:xs) | f x       = Just (x, LHit xs)
                 | otherwise = do
                                  (el, ctx) <- locateL f xs
                                  return (el, LTail x ctx)
locateR :: (t -> Bool) -> Rose t -> Maybe (t, Rose' t)
locateR f (RNode a child)
      | f a       = Just (a, RHit child)
      | otherwise = do 
                      (whichChild, listCtx) <- locateL (isJust . locateR f) child
                      (el, ctx) <- locateR f whichChild
                      return (el, RChild a listCtx ctx)
and mutate (plug in the hole) using the context info:
updateL :: t -> List' t -> [t]
updateL x (LHit xs) = x:xs
updateL x (LTail a ctx) = a : updateL x ctx
updateR :: t -> Rose' t -> Rose t
updateR x (RHit child) = RNode x child
updateR x (RChild a listCtx ctx) = RNode a (updateL (updateR x ctx) listCtx)