LM lasts the longest if you apply it on an IHS surface (top, underside or both), heat the IHS to 100C for about 2 hours (in an oven), then let it cool down, wipe off the liquid metal, but leave the silver stain behind, then apply a new coat of LM on top, then assemble it on your CPU/relid (if you are doing delid/relids, etc).
Otherwise, for parts you can't throw in the oven like this (and obviously no aluminum bases!!!), use 1500 grit sandpaper and wipe the surface with the sandpaper so it's roughened up completely (it must NOT be shiny!).
Then clean off the grit and grime, make sure the surface has no hard particles, then apply LM with a LINT FREE APPLICATOR on the heatsink surface or water block or whatever, then carefully, spend about 10-15 minutes (yes, 15 minutes) gently massaging and wiping it around repeatedly around the surface. If it seems to vanish, just put on another (small!) drop and keep wiping. DO NOT APPLY ANY EXTRA DOWNWARDS PRESSURE. You do NOT want hard particles getting in the mixture from pressure.
After about 15 minutes, you should notice the LM no longer seems "runny", as if it changed viscosity or something. Once this is done, apply another fresh (small) drop on the surface, wipe it around quickly, apply another layer to the CPU/GPU surface to give proper adhesion (both surfaces facing each other MUST have LM on it), then secure your mount.