The last step is to shrink the clear tubing with a heat gun. DO NOT over heat it as this is not necessary just shrink it until it is tight. I find for duplex wire in 12GA and 14GA I use 1/2" clear shrink (NOT ADHESIVE LINED). For larger battery cables I use 3/4" to 1".
The application of the clear heat shrink over the label creates a label that is robust enough to survive in the marine environment. It's one of the only methods I have found that actually lasts. It takes a little more time to do but as you become proficient it moves along quickly.