Note that on balm packaging there is often a usage specification. Some quote "after shave balm", others, "beard balm". There is even the "pre-shave balm", although this is much rarer.
So, you need to choose the right one. If you have a long or small and drawn beard, opt for those with moisturizing function and that should be applied directly on the hair. If you're going to use it after shaving, prefer an "after shave balm".
In the following video from the Barbeiros de Sucesso channel, there is both an explanation of when to use the balm, as a practical demonstration of how the use should be done.