I bought this pickup because I needed to amplify a 5 string banjo for live performances. It served the purpose very well, but then again, I didn't have very high demands regarding the sound quality. I was looking for a functional low cost solution and in that regard, I am very satisfied.
As per instructions I found on some banjo sites, I placed the pickup on the bottom side of the banjo head, right under the low D string area of the bridge.
The sound output is low as one would expect it from a passive pickup. Instead of a dedicated preamp, I use an overdrive pedal with the level and tone set to max and drive somewhere between 30 % and 50 %.
When recording, the one notices that the sound is lacking in treble, but compared to a microphone, it has more low end, so it the two signals complement each other nicely.