Personalized (Variable) Images
Merge tags can also be
used within the src attribute of img tags, allowing you to display variable images based
on the visitor's profile.
A image with merge tags may look like this:
<img src="path/to/img/|*COMPANY*|.png" />
In this case, you would need to upload each of the images to the approate path on the web. For this, you could use something like dropbox, or google drive to upload your images.