
There is no method in the properties dialog to modify the placeholder text. The following illustrations show the default placeholder text for a plain text (left) and dropdown content control (right) and the corresponding properties dialog. For reasons unknown to me, Microsoft left out the option in this dialog to modify the placeholder text. With the "Properties" command in the Controls group you can set the properties for the various control types. Like the picture content control, the checkbox does not use placeholder text. Note: Word 2010 added an eight "Checkbox" content control.

Six of the seven control types includes a default placeholder text (the Picture content control does not use placeholder text). Using the "Controls" group on the Developer tab you can insert one of seven different content controls in your Word document. If you haven't used these yet then be sure to enable the Developer tab of your Word 2007 application and check them out.

I think that content controls are, without a doubt, the best enhancement in Word 2007.

The purpose of this Microsoft Word Tips & Microsoft Word Help page will show you how you can quickly modify content control properties including the placeholder text.
