This paper presents the results of investigations recently done by our research group that lead to a new and much better approach to the design of GMI (giant magnetoimpedance) magnetic transducers, which considers the changes in the impedance phase characteristics of GMI sensors due to varying low-intensity magnetic fields, instead of the usual impedance magnitude characteristics considered in the GMI literature. The development process of this new class of magnetic field transducers is discussed, beginning with the definition of the ideal conditioning of the GMI sensor elements (the dc level and frequency of the excitation current and the sample length), proceeding to compare the differences observed between the impedance magnitude and phase of GMI sensors and closing with the electronic circuits that condition ribbon-shaped GMI sensors and read their phase or magnitude variation as a function of the longitudinal magnetic field. Simulation studies, including the full electronic circuit and based on the experimental data obtained from measured GMI curves, have shown that an improvement in the sensitivity of GMI magnetometers larger than ten times can be expected when phase-based transducers are used instead of magnitude-based transducers. Finally, it is also shown that phase-based transducers are highly adequate for miniaturization purposes.