Let's take a sparingly soluble salt, PbCl2, for which Ksp=5.89×10−5 at 25 ∘C.
We can write the solubility expression as follows:
PbCl2(s)⇌Pb2++2Cl−
Ksp=5.89×10−5=[Pb2+][Cl−]2, and if we represent the solubility of lead chloride under these conditions as S, then Ksp=5.89×10−5=S×2S2=4S3. We could usually solve this for S fairly easily.
Now that's the solubility product. However, there are scenarios when the ion product is greater than Ksp, i.e. if we did the reaction in a salt solution, where [Cl−] was artificially high. Because this ion product > Ksp, lead chloride would precipitate from solution until the ion product ≡Ksp. Such a process is normally called salting out, and if the metal were precious, say a salt of gold, or rhodium, or iridium, we would want to salt out the metal species so as maximize recovery of the metal.
See https://socratic.org/questions/what-is-ksp-in-chemistry for another treatment of the problem.