Presenting yourself effectively is an important skill. Whether networking, interviewing for a job or meeting with clients, being able to concisely communicate what you do is a critical success skill.
Source: Personal Branding Blog, November 3, 2016.
Outplacement organizations tell clients that in order to be prepared for different kinds of circumstances; they must have both a 30-second elevator pitch and a 2-minute elevator pitch. I can go along with that, provided that the key elements of an effective elevator pitch are there and that those lengths can be modified based on the specific situation. I usually advocate for a very short one—but one that contains certain vital attributes.