Great advice from Marketing guru Seth Godin about the true purpose of your Elevator Pitch - no one ever bought anything in an elevator. The purpose of an elevator pitch is not to close a sale, but to generate interest for further dialogue.
If you're in the market for a new job, why not create an elevator pitch for yourself, memorise it, then use it as a powerful asset to quickly create interest in YOU at every appropriate interaction.
"The purpose of an elevator pitch isn't to close the sale. The goal isn't even to give a short, accurate, Wikipedia-standard description of you or your project. And the idea of using vacuous, vague words to craft a bland mission statement is dumb. No, the purpose of an elevator pitch is to describe a situation or solution so compelling that the person you're with wants to hear more even after the elevator ride is over."