Until now, dyeing blood was a fairly complex process of mixing a whole range of colors. Now Citadel has a paint aptly titled Blood for the Blood God, which makes this process a lot easier.
Shake the paint well before using it. It's quite tacky and thick, so it's best to use a palette with this paint so you can determine how much it is. So grab a blob and place it where the blood needs to go.
When painting Blood for the Blood God on your miniatures make sure to paint it in the direction of the impact on the weapon to get that really cool effect on it. If you decide to add some spray as well, use a coarse brush and make sure to put some newspaper or something down as you don't want to make a mess.