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Custom format text displays in Excel

Hello,

Hello, in Excel (2013) is there a way to define custom formatting for letters in the same way it is possible for numbers?

For example, after selecting some range (say Col B) and clicking Format Cells > Number tab > Custom, entering

">>> "#" <<<"

causes any number entered in Column B to be enclosed by chevrons. So say that the number 3 is entered in cell B9. The result will appear thus:

>>> 3 <<<

My question is whether or not there's a way to create a similar custom format which will be applied with a text entry. In other words, it would enable you to enter the letter "w" in the cell and display it as:

>>> w <<<

Thanks
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That's perfect. It's great when such a simple and concise answer gives the solution. Many thanks!