Go to File > Print to see how your watermark will look on the page.
Picture watermark
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Double-click near the top of the page to open the header.
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Move the cursor over the watermark until you see the four-headed arrow, and then click the watermark to select it.
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Under Picture Tools, select Format.
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Try selecting Recolor, Brightness, or Contrast.
Text watermark
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Double-click near the top of the page to open the header.
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Move the cursor over the watermark until you see the four-headed arrow, and then click the watermark to select it.
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Under WordArt Tools, select Format.
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Select Shape Fill.
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Try:
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Selecting a lighter or darker shade.
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Selecting More Fill Colors and adjusting Transparency.
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Select OK.
Picture watermark
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Double-click near the top of the page to open the header.
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Double-click the watermark to open Format Picture, and then select the Picture tab.
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Try selecting Picture Transparency or Picture Corrections.
Text watermark
To change the look of a watermark, replace it with a new one.
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Select Design > Watermark
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Select Text and enter your text watermark.
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Try selecting Font Color or Transparency.
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Select OK.