[isalmon]

Scenario A - it's a startup: I strongly discourage you from taking "I have another offer" approach first if you really like your current job. I've been on the other side of the table so many times and I can tell you that by doing this you immediately destroy all emotional capital and sense of loyalty with your employer. If you really like your job - I'd simply talk to your manager and say something like "I really enjoy working here and I've done X, Y and Z since my last raise. I think my current salary is below the market. What can I do to get a raise?".

If you're valued there - you'll get a raise. If not - time to start looking for a new job.

Scenario B - it's a big company: Just find another job. In most cases they have BS rules like "3% salary increase per year maximum", but it depends on the company.