Lead magnets do their job: they attract leads. The problem starts when you let the download become the conversion your bidding optimizes for. Google is very good at finding more of whatever you count, so if you count ebook downloads, it goes and finds people who love downloading ebooks, not people who buy.
Primary is an instruction, not a label
In Google Ads, a conversion action marked Primary is what Smart Bidding chases; Secondary actions are only recorded. Mark a shallow event Primary and you have instructed the algorithm to optimize for low intent. Most accounts do this by accident and then wonder why volume rose while quality fell.
Point it down the funnel
Set the Primary action to the event closest to revenue that still has enough volume to learn from, a qualified lead or a purchase, not a raw form fill. Where the real outcome happens offline, feed it back with offline conversion import, and use conversion values so bidding prefers the bigger opportunities. Same budget, better buyers.
The lead magnet still has a place
Keep the download as a Secondary action or an audience-building step; just do not let it steer the bidding. The magnet fills the top of the funnel; the Primary conversion decides who the machine chases.
Common questions
What is a primary vs secondary conversion action?
Primary conversion actions are used by Smart Bidding to optimize; secondary actions are recorded for reporting only. Only mark as Primary the events you want bidding to chase.
Should a lead magnet be a conversion in Google Ads?
Keep it as a secondary action or audience step, not the primary optimization event. If bidding optimizes to downloads, it finds more downloaders rather than buyers.