Implementing the BTYD model using PyMC Marketing

Here’s a detailed breakdown of the terms and metrics used in our data models:

• Frequency: This refers to the count of repeated purchases made by a customer. It’s essential to note that the frequency is always one fewer than the total number of purchases. For instance, if a customer made three purchases in total, the frequency would be two. This is because we’re specifically counting how many times they returned to make a purchase after their initial buy.
• Customer Age (T): This metric, denoted as “T,” signifies how long a customer has been with us. It’s the duration between the customer’s very first purchase and the end of the given period under study. For example, if a customer made their first purchase on January 1 and the study period ends on December 31, their customer age would be one year.
• Recency: Recency indicates the most recent interaction of a customer with our...