The method used here is sound, but there are variations to make your work easier.
1. inbetween building the undercoats of polish, quickly run a flame over the drying polish. this ensures the polish goes into the grain and evens the coat.
2. instead of using a cloth, use a wadded up cotton ball. it uses less polish and makes your work a little easier.
3. really, dont use too much water.
remember that a real shine is only possibly with a wax, not the cream/soft type of shoe polish. and if your results are lack luster, you need to rub longer.