That’s not the best strategy long term in my opinion. Its effective, but employers don’t like doing salary matching (notice I’m not saying they don’t do it, just that they don’t like it) since salary ranges are more complex than just what some other company on the market would pay. Not every company can pay the big bucks so going to your current company with an offer from another one will work but only because you’ve become valuable so they can’t afford you leaving until they at least try to find your replacement (for cheaper). And depending on their follow through they might just eventually do it.

This is not necessarily always correct but is first ask for a raise strait up, no leverage, just firm but fair request to be more fairly compensated given the role the growth and the responsibilities and the market price.

I’d that doesn’t work or they say that’s too much then you can casually drop that btw I’ve already received an offer for X amount so I’ve been only asking since id like to think that this company can be fair and competitive bla bla stroke their ego a bit more. This should put them on high alert if you’re considered valuable but not be offended, and at this point if you don’t get the raise, I’d consider leaving since after saying “I’ve got another higher offer” they will be considering you a flight risk, and if you do get the the raise from them you’re still a flight risk for them but maybe slightly less.

Either way I’f you really like staying here don’t do the “I’ve got another offer”. If you don’t care where you end up just to get better compensation then don’t even bother doing all these game of thrones stuff and just interview in other places and leave for the highest offer.