As a long time manager/director/executive I would point out that you can usually only leverage the "I have another offer" once at a company (maybe more in a large company where you have changed departments). Also, most managers have no control over your pay outside of the plain old review process, there are of course exceptions and family owned or small companies generally have less rules in place.
Before asking for a raise, I would advise anyone to prepare a justification that documents your value added behaviors, successes, etc. When you can show actual data, it is more compelling. While that is easy in sales roles or project management, it can be hard to demonstrate in some other areas.
Generally changing departments or companies is the best path to increasing income outside of promotions, but moving too much can also hurt your income eventually. I have seen people move around once a year to get small raises and then miss out on getting a director job because 5 companies in 6 years displays no loyalty to employers. One or two job changes in 5-6 years is probably okay, especially if you can demonstrate growth or expanded skills, but too much can stop you from even getting that next interview!
Good luck!