The most important thing you can do after not getting a raise is to maintain your composure. It’s essential to be professional and gracious when receiving bad news at work, especially when money is involved. (Money is always emotional, and chances are, your manager isn’t any happier about the situation than you are.)
Put yourself in your manager’s shoes, if you can, and listen to what she tells you. Budgets may be closed, or the company may be having financial trouble, in which case, chances are good that no one is getting a raise. On the other hand, she might have some advice for you about areas for potential improvement; even if your first impulse is to disagree, take in the information and consider it. You might learn something valuable that can help you get to the next level.