Basically, I reminded my employer of my value to the market, my value to the company and introduced the suspicion that I was looking elsewhere.
A few recruiters had called the main office asking for my contact information. I replied back to the admin person and made a side comment/joke about my loyalty to the company. She responded with saying that she thought that she should mention my loyalty to the owners.
We had just gotten off a very successful project, and I sent an email to the owners asking if they'd write a recommendation for me on LinkedIn. I framed the request as wanting to get the recommendation now while the success of the project was fresh in their minds. Each one replied something like, "Woah! You aren't leaving, are you?"
These events did three things: reinforced my scarcity, reminded them of my value to the company and let them consider the possibility of me leaving.
Shortly thereafter, I got a 10k raise without even asking for it. :)
If you don't want to go through so much effort start looking for another job or start your own. As far as job title, put in the one that you would most enjoy and go for that.