Data Validation List Formula causing Error - List source must be a delimited list

Hi looneyde et al,

I'm getting the same "List source must be a delimited list,or reference to a single row or column" error message as [in this thread], and I don't know how to get around it. I hope you can help me figure this out.

My spreadsheet contains three columns. The headers are as follows:
1. Lead Status
2. Progress %
3. Disqualified Reason

And, I have my lists in adjacent columns. They are :
1. 0 – Open ; 1 – Qualified ; 2 – Disqualified ; 3 - Nurture
2. 0% - To be contacted ; 30% - First contact (phone, email) ; 50% - First meeting & Presentation
3. Rejected ; Cannot Contact ; No Longer Interested ; Lost

Please note that my list are Transposed in separate cells

If someone changes Lead Status to "1 – Qualified" they would need to set the adjacent cell in the Progress % column to "30% - First contact (phone, email)" or "50% - First meeting & Presentation" so on and so forth. Furthermore, if the Lead Status is anything other than "1 – Qualified" then "N/A" should appear in the adjacent cell.

I’m trying to accomplish this by inserting this formula into the Data Validation Source tag but I’m getting an error:
IF(M2="1 - Qualified","0% - To be contacted";"30% - First contact (phone, email)";"50% - First meeting & Presentation";"80% - Verbal agreement";"100% - Contract signed","N/A")

Can you help me understand why this is the case?

If I try inputting the data into the Source field differently (i.e. : highlighting my data ranges) I get the "List source must be a delimited list,or reference to a single row or column" error message. This led me to believe I needed the above nested function; it’s frustrating that it’s not working.

I hope what I've described above is clear. Thanks in advance for your help/feedback!

-Shannon