Sounds to me like there is an application problem here. Black Wow when applied correctly shouldn't be oily. Once you apply it, it needs to be wiped dry with another clean towel. The correct application of BW is that it will be matte finish. This is shown on the video at the BW website which I cannot link because it has my URL on it. Try googling it.
Anyone that didn't have good results with BW should contact the manufacturer (me) to find out where things went wrong. Most of the time when I find people aren't happy with BW it's because their expectations are unrealistic. Where other products would have lasted one day, BW lasted many times longer.
BW wasn't designed for rubber, though people do like putting it on. It also doesn't run, so it sounds like an application issue.
BW also isn't a dye--yes shoe polish will keep trim looking longer but it also transfers color when you rub against it. For the products mentioned in this thread, both are silicone based and don't use dyes to improve the looks.
To Matt and Nickelplated--send me a PM. Tell me where you got your bottle--I'll refund your money but give me more information on what you did to apply the BW.
Richard