A lead magnet is basically content that is so timely and relevant to where your audience is in their buyer's journey, that they are willing to give you something in return. It's basically a mini-marketing campaign.
Here are a few basic questions to ask as a litmus test to see if your lead generation content stands a chance to actually become a real magnet:
Reality check: Is the content really helpful?
Find at least 5 people who will confirm the content is useful and they will share it with someone else.
Ask your sales team if they would point prospects to this piece of content to help them make a decision.
Is your title worthy of being on a magazine cover? Will people click-on it?
What are the benefits for the reader consuming this? Do you have a 3rd party (ideally a quote) confirming the benefit you're claiming?
What do you want your audience to do next? How will taking that step help them?
What's your offer to have them take the next step? Don't settle for a contact form as a "call-to-action". Provide something meaningful.