If your strategy involves finding the worst converting keywords, targeting the poorest locations, at the worst time of day, during the lowest-performing days of the week then your strategy is spot on. Does that strategy support your goal?
I suppose that would be a good strategy for finding the greatest number of keywords to add to your negative match keyword list and locations that should be excluded, along with the time of day, or days of the week that should be adjusted down, or removed from your ad schedule.
Your competitors, that have lots of data, will surely be outbidding your campaign for all the best search terms targeting the best converting locations during the best times of the day, and best converting days of the week.
My strategy typically involves doing almost the exact opposite of everything you are doing. I sure wish all of my competitors were following your strategy.
My strategy typically involves performing keyword research before making any other campaign decisions. I look for the most relevant search terms that have the highest average CPC, and the highest competition level because experience has taught me that my competitors are likely making the most sales and profit with those terms.
I avoid using any standard broad match keywords because it isn’t keywords that we must optimize, it is search terms. Instead, I focus primarily on exact match keywords and only use phrase match and modified broad match to find new search terms that are harder to predict. Then I monitor search terms reports to add those terms as exact match keywords as quickly as they can be discovered.
I always set my exact match keyword to 1st position bids at the very beginning of the campaign so that I can gather data from clicks as quickly as possible, wasting as little time as possible getting my campaigns optimized for maximum profits.