How to implement NullText in a TextBlock with Binding?

I would like to implement a "NullText" behavior for a TextBlock that is bound to a property in a ViewModel. When that property in the ViewModel is null or empty, I would like to display gray italic text something like "No Data". I'd like this to follow MVVM pattern but I am lost...

Update Итак, поигравшись с решением, предложенным Джеймсом Вебстером, я заставил его работать вот так ...

<UserControl.Resources>
    <BooleanToVisibilityConverter x:Key="BooleanToVisibilityConverter" />
    <c:NullOrEmptyValueConverter x:Key="NullOrEmptyValueConverter" Text="(No Data)"/>
</UserControl.Resources>

 ...     

<TextBlock Name="SerialNumberTextBlock" Text="{Binding Path=SerialNumber, Converter={StaticResource NullOrEmptyValueConverter}}">
    <TextBlock.Resources>
        <Style TargetType="TextBlock">
            <Style.Triggers>
                <DataTrigger Binding="{Binding ElementName=SerialNumberTextBlock, Path=Text}" Value="(No Data)">
                    <Setter Property="FontStyle" Value="Italic"/>
               </DataTrigger>
           </Style.Triggers>
        </Style>
    </TextBlock.Resources>
</TextBlock>