Sure,
If you put the list of colours, say red, blue and orange into cells J1:J3, two options would be:
(1) Use the same formula as above, but with the array constant replaced by the
range and enter it as an array formula. To do this, when you type the formula into the formula bar, finish the entry with CTRL+SHIFT+ENTER instead of just ENTER. If done correctly then Excel will automatically surround the formula with braces
{ } (you can't manually enter these yourself).
Code:
{=IF(OR(ISNUMBER(SEARCH(J1:J3,A1))),B1,0)}
(2)
Use a variation such as this one (which can be entered as a normal formula).
Code:
=IF(SUMPRODUCT(--ISNUMBER(SEARCH(J1:J3,A1))),B1,0)