So, you're setting the temperature to 47F and the wort is 37F? Or, is the ambient air in the cooler (fridge?) 37F?
The first thing I would check is the temperature differential set in the controller. What is yours set to?
If you're missing your target temperature, I would recommend experimenting with alternative locations for the temperature probe. Experience has shown the best probe location to be on the outside of fermenter, insulated from ambient air temperature changes.