I have seen instructions for 2 methods of installing shrink wrap on grips. One installing the wrap over the grip before installing the grip on the rod and the other, just the opposite, installing the grip on the rod then putting the shrink wrap on the grip. I have not used shrink wrap too often but when I have I used the latter method without any issues.

I am just curious how most people put shrink wrap on and if there is a benefit in doing it one way or the other.

I've done that both ways. Depends on the grip and how I want the finished product to look. I like to hide the flock ends. Sometimes I shrink it so the reel seat covers the end of the button grip and sometimes I shrink it on a fore grip so when I slide it on the end is tucked behind grip and hidden by reel seat. Do what works for you.