Great posts - all. Indeed, there are many ways to approach the crafting of lyrics for a song.
I started writing a whole bunch of stuff about rhythmic pulse and all of that sort of thing, but while I was doing that it occurred to me that for me it all combines into a single word.
Context.
I create both music and lyrics together so that they both are faithful to the 'context' of the picture that is being created. The context is the musical expression of the concept being described, in sonic and lyrical concert.
I work very hard at creating music underlying the lyrics that support the lyrics, rather than creating music that detracts attention from the lyrics. It is the lyrical message that is to get through to the listener, using the platform of the underlying music to paint the picture that helps the concepts ion the lyrics to stand out in a pleasing manner.
As an example. one song I wrote has an ending section that hangs on a musical framework of simple arpeggios with strings, piano, and acoustic guitar. The arpeggios are pleasing, but lie underneath the lyrics, keeping a flowing rhythm underneath, with an additional complimentary flow of words and syllables.
Here are the lyrics I am referring to:
If the dawn of time was this morning, and forever was a single day.
If eternity was lived in a moment, what would you say?
Have you ever stopped to wonder, at the falling of a star?
Have you ever seen the thunder? Is it really all that far?
Have you ever touched a sunrise, as it climbed into the sky?
Golden rays unfold to hold you, but still you wonder why.
It's for you...
(I have the above copyrighted already, so no worries there - I just wanted to illustrate my approach)
Bob Bone