"Master Instance" of Frequently Updated Elements?

Visio Wizards,
I apologize in advance if this is a FAQ, but I can't seem to find a clear answer in the online sources.

I'm working on a large Visio document where I frequently reuse the same user-defined element over and over again (frequently, it's text--not sure if I should be referring to this as a shape so I'll stick with the more generic element for now) . Currently, I'm doing this by copying and pasting, and it's a nightmare (yes, the updates are more than I understand can be updated with search and replace).

Is it possible to make this frequently reused elements into an object (a shape?) that has a "master instance" that would enable me to only have to do updates in one place thereby creating a global change?

Thanks so much for any help--I really appreciate it.

Jack