The Network Effect is all about how products and services increase in value as more people use them. This is particularly useful in word-of-mouth marketing. The more people who use a product or service and share their experiences, the more likely new individuals will be to adopt or purchase that service or product. This generates viral growth. For instance, social media platforms like Facebook and Instagram have benefited immensely from the network effect. As more people joined these platforms, more content became available, and this attracted even more users.