Just need to drag and drop the balloon block to near the widget that will be associated with.

Then, define the associated widget identifier in the input, the desired position from the list of possible values from the Static Entity list and the JS event that will trigger the balloon from the list from the respective Static Entity.

If you want you can configure custom CSS in the "ExtendedStyleClass" input and you can configure advanced format in the input "AdvancedFormat" in JSON format. You can check more detail about advanced format here: https://atomiks.github.io/tippyjs/v6/all-props/