the makers say, dip a clean, lint free rag into some Colron in a saucer or similar and rub it on. You do not need to slosh on enough to make the surface wet.
I am too lazy and impatient to do that, so I use a soft paintbrush, fairly dry, and rub off any excess after it has dried. It has the consistency of ink or water. You can get it in numerous colours, such as mahogany, rosewood, teak etc. IMO the mahogany is too red so I have more recently used the rosewood one. It is just a dye in a sprit base, there is no paint or varnish or anything. It is supposed to give added resistance to sunlight. You have to use varnish, oil or stain on top to protect the wood. Keep shaking or stirring it ort the colour sinks the the bottom.
If you are going to use Cuprinol preserver, or sand the timber, or clean it with white spririt, do all that first, otherwise you will clean off the dye or leave it patchy.
There are own-brands, and water based dyes available as well, probably cheaper. They might or might not be as good, I always use Colron on anything important.