How do I edit predefined merge tags?

How do I edit predefined merge tags?

It is not possible to edit a predefined merge tag. However, when you insert it in the content of the campaign, you can change the mail default and social default value. 

For instance, $[FNAME|Customer|Guest]$  is the first name merge tag. Here "Customer" is the mail default value (It will be replaced when a contact's first name is empty in an email campaign) and "Guest" is the social default value (It will be replaced when a contact's first name is empty in an email campaign when it's shared to social media).  
 If you don't want your mail default value to be "Customer",  you can simply remove the word customer from the merge tag and replace it with Friends when you insert the merge tag in the content editor like $[FNAME|Friends|Guest]$
Note: 
Ensure that you don't change the other characters and the first part (here it is "FNAME") of a merge tag. Else the merge tags will not work when you send out the email.

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