Using a formula to convert a letter to a shape?

I am trying to figure out how to change a letter to a shape using a formula. The company I work for sometimes uses letters to show significance and sometimes uses arrows so would like to be able to easily convert the two if possible (e.g (However, ideally we want a bolder arrow, not just the lines)

Does anyone have some insight on how to possibly do this?

Thanks!

Hi Alyssa, can you use characters from wingdings, etc?
I've put some up arrows in a sheet for you to checkout.

Well looking back I didn't explain really well what I meant. I want the formula to replace the letter, in the same cell. I have figured out a formula using IF but it still ends up in the cell next to the letter, and the letter is still there. The other thing I am confused about is that the arrow may not always need to be in the same place as the letters... This is for significance testing and, for example, if we have the numbers 600 A, 398 and 200, where 600 is the "total" column and we want to show 200 as being significantly lower using a 90% significance level; we would want the A in the total column to erase and a down arrow to show in column C next to 200.

Any thoughts? Thank you for the feedback though!

Could you post a small sample sheet so we can see how its formatted and the formulas you're using please Alyssa?