Essential elements of an elevator pitch

I stumbled upon this long time ago, but couldn’t remember the exact “formula”. Found it again at Newt Barrett’s blog:

1. It must contain a benefit for the potential member of the audience, that is, his imaginary elevator companion.
2. It must contain the word you, meaning the audience.
3. It must contain some reference to emotion, because emotion is more engaging and memorable than intellectual information.

[Via http://mentalbursts.wordpress.com]