I have used the technique recommended by Lukáš - and it works, but if you want OOB functionality use the Numeric Calculated Column Trick.
- Add a list (or content type) a list or site column named "Color_Column" Type: Text.
- Create a list column named "Status_Column". Type: Calculated Column. Output: Numeric.
- the evaluation of calculated columns in SharePoint is outputted as HTML. if you google it, you can see it is actively being used by admins and users: link
- Add the following formula to the [Status_Column]'s Calculated Column formula or something similar to it:
="<div style='padding:10px;background-color:"&[Color_Column]&" width:100%;height:100%; display:block;text-align:center;'>"{YOUR VALUE HERE}" </div>"
Basically, if you are somewhat familiar with CSS and how to style output inline, you can create everything that Lukáš suggests, but out of the box.
EDIT
The above answer only applies to SharePoint ≤ 2013 on-prem.
SharePoint online will require Client side rendering, a page-level scripted solution (if appropriate), a third party solution, or some use of PerformancePoint (ugh). I currently have a migration project that I need to convert prior to migration because this method is no longer supported in SPO.
Will update this post when I get to that particular migration project later this quarter!