If a song has to capture the world and be a chart topper, it is almost certain that it needs good lyrics. It's all taste as one persons genius can be another person's tosser.
People get themselves drawn to lyrics. The lyrics don't even need to be very profound. Just as good lyrics can take a song to amazing heights a bad lyric can destroy a good song. The worst case is when the writer really wants to be clever and articulate, but just can't cut it.
Try to Write Everyday
You can write it on a notebook, napkin, piece of paper or almost anything that you can get your hands to. If you write everyday, your lyrics will have a more natural flow to them due to regular practice. You might end up liking something you wrote at a later stage, so don't throw the paper away.
Its simple, if you don't read, how will you get the inspiration to write yourself? Magazines, internet, newspapers etc are some of the various options available to you even if you don't want to read long boring books. Reading is important to make your brain learn and gather constantly. Reading pays off, as the better the reader, the better the writer.
Keep a topic in mind that means a great deal to you, like an actual event that may have happened to you or someone close to you. Emotions help the words come out of the little trap in your brain. An inspiration can also be used to think of a topic.
Collect all of the really nice quotes or sentences that you liked, when the time comes for you to finally sit down and gather up all of the passages you have written. The one that stands out the most to you should be the center of your attention. Try to tweak it a little bit if it sounds too poetry-like and doesn't have the song essence, using the same format and similar words.
Never stop there. When you have the main topic the rest of the lyrics should come easily since you know exactly what your topic is. Try the whole procedure again if you are still stuck, or maybe choose a different topic. It's okay if the first one isn't perfect. It usually never is. When you really try hard, you may be on the verge of being as good or better than the people whom you admire when it comes to their seemingly magical skill of writing perfect lyrics that just resonate in your mind.
Know your emotion.
It's hard to write music sometimes, because people feel so much and you can't exactly say what it is that you're feeling. Perhaps if you want to write about a specific topic, you'll know your opinion on that a lot more than if you were to try to write lyrics about the way you feel about everything. It's just too hard to do that and usually listeners will get even more confused than you are.
In summation, lyrics are the part fans look to the most for meaning and inspiration, and thus are the most part of any song. Lyrics are usually the ones most revered long past their prime, so it is important that they focus on this part of a song!