That's what the example provides for - a common 'click here' prompt and a unique URL.

You cannot have a tailored 'click here' prompt for each recipient in a mailmerge hyperlink field. However, if you're happy to have the url itself as the tailored 'click here' prompt for each recipient, simply merge it as ordinary text and, when the mailmerge has executed, let Word apply autoformatting to the document.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]