Struggling: IF statements in Excel Macros

I have been trying to get a macro to create a new column for me in a spreadsheet that I'm building. It will take either a yes or no from column K and, depending on whether it is yes or no, will populate the new column with Pending or Pipeline.

The following is the code I have been using - but this just marks everything as Pipeline:

Dim KR As Long
KR = ActiveSheet.Range("K" & Rows.Count).End(xlUp).Row

Range("M1").EntireColumn.Insert
Range("M1").Select
ActiveCell.FormulaR1C1 = "Status"

If Range("K2").Value = "No" Then
    Range("M2").Value = "Pipeline"
ElseIf Range("K2").Value = "Yes" Then
    Range("M2").Value = "Pending"
End If

Range("M2").Copy Destination:=Range("M3:M" & KR)

Where have I been going wrong?