How to write a killer elevator pitch

Saw this recently in the book Managing Agile Projects by Sanjiv Augustine (which is brilliant by the way. I’m intending to write a few posts on this book when I get time).

How to write your elevator pitch:

For (target customer)
Who (statement of the need or opportunity)
The (product name) is a (product category)
That (key benefit, compelling reason to buy)
Unlike (primary competitive alternative)
Our product (statement of primary differentiation)

This is very useful for someone like me who tends to waffle more then Birds Eye.