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Bryan Bryan is offline
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Default Cell to display certain if an entry is provided

I have a column in my excel spreadsheet title WWW. It's used to list
hyperlinks to products on a company website. What I would like to do, is
when a user selects the desired cell in this column and hits cntrl+k to enter
a hyperlink, a formula will automatically insert the text 'link' when there
is an entry instead of the entire URL. Is this possible? I looked into
conditional formatting, but I cannot seem to figure out how to do what I want.