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This is a very interesting and timely topic for those of us who write. Sooner or later, you're going to want to share your labors, and when you do, having a well developed and polished pitch is alsolutely essential. Interestingly, several of my writing friends and I are currently conducting a workshop on just this topic, so I have a few thoughts to share that have come up in our discussions.
First, the 'elevator pitch' is just that - something short enough that it can be pitched in one minute or less while an agent is your captive audience in an elevator. It should be 30 words or less (no more than 40) and should be catchy and to the point. Though short, this often takes a lot of thought because each word must be chosen with care. You want to get the most bang for your buck and it needs to grab the attention of the agent so that they will want more. Keep it in active voice, don't worry about specifics and make sure there is a hook.
Of course, a longer one paragraph pitch should also be prepared. This can go into more depth and detail and will hopefully lead to a full fledged request for more, including a synopsis, the first three Chapters etc. But, if you can't grab them with the elevator pitch, then you may never get to those other stages. That's why its so important to spend time on it, get your friends to critique it, and polish it to make it the best it can be.
Since this was the topic of our first week of the 'Edgy Christian Fiction Lovers' Proposal Workshop, I've got two pitches that have been reworked into the following state:

Title: WIND OVER MARSHDALE
Pitch: When hidden evil surfaces beneath the quaint façade of a small prairie town, a First Nations man must pit his faith against the ancient medicine of his ancestral roots.

Title: PLAY IT AGAIN
Sparks fly when an ex-rock and roll junkie and a stuffy accountant rendezvous at a local resort, but neither expect the emotional entanglement or the danger from the past that arises.

Either of these would be suitable for an elevator pitch or could be included in a query letter. Let me know what you think - critiques welcome!

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