The 2 to 1 compression ratio is an estimate for sources containg a typical mix of data. If the data you are trying to compress already has a high information densitiy, it may not compress at all. Maybe most of your data is already explicity compressed, or in one of standard media formats which includes compression. I've found some well-designed programs and highly normalized databases don't compress much either.
Try people's suggestion for improving compression, but your data just may not fit on s single tape. You might want to go to an alternative backup plan, such as backing up frequently changing data daily and more stable data once per week.
Best of luck.