This is not only something people do because they are bored, even though it might seem so at first thought. A favicon is an icon 16×16 pixels, and according to Wikipedia “browsers that support favicons may display them in the browser’s URL bar, next to the site’s name in lists of bookmarks, and next to the page’s title in a tabbed document interface.”
Why is it important for online marketers to use a favicon? Well, you will get noticed and you will stand out from the crowd. Think about it, if you take a look at your bookmarks and you see a few sites with favicons in front of their name, you will take a second look at them instead of the regular icons on all the rest.
I just made my own (and my first) favicon and it seems to be working on both Opera and Firefox, but not on Internet Explorer. I have no clue why it´s not working on Internet Explorer, because I have done everything according to the instructions. But hey, why should I start to care about Internet Explorer now (probably because almost everybody still uses it).
If you want to make your own favicon you can do it this way, actually you only have to save a picture as .ico and it should be 16×16 pixels. But if you are using Photoshop you have to download a plugin to be able to save the file as .ico. Instead of writing the instructions myself, I do what I usually do, I just direct you to a great instructions published by someone else.
If you are using wordpress for your blog (like I am doing), you should read this page to help you understand how you can add the favicon to your blog.
I will probably change my favicon after a while, I just had to test if I could make my own first 🙂
Update: My favicon is even showing in my feed reader.