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How to use a competing offer to ask for a raise
Q: How do you use other offers or job opportunities as leverage for a raise?
A: Great question, but be careful. If you know for sure you have a boss that wants to keep you and would be open to discussing that you have other offers, sharing how much you would need to stay will be the most effective and efficient route.
If you do not know how your boss will react or you know that they will be threatened, I would advise not outright sharing unless you are willing to leave the company. You should build your case for a raise based on the value you have been providing and ask for the amount and/or title you are looking for. If they shoot you down, or don't give you enough to stay, or do not put something in writing in a timely manner (some will drag their feet indefinitely to get you to stay without following through) then share that you have a competing offer.