Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Where did you enter the key?
Did you redeem it via here first? Go to www.office.com/setup or Microsoft365.com/setup.
If it is not working, did it give any specific error message?
Has the key already redeemed before? If so, you shouldn't need to redeem again. Once redeemed, it is associated with your Microsoft account, and you just need to download it from your account.
Go to https://account.live.com > Subscriptions, or Order history, find the subscription and find the Install option to download and install.