I blend by layering colors on top of one another, but some people like to blend using baby oil or other solvents, or by using a burnisher. I haven't tried either of those techniques but I would like to experiment with it someday.
I'm happy with my technique of blending by layering colors on top of each other. When I layer enough colors and press hard enough, the result can be very painterly. In other words, the drawing is so rich with color that it looks more like a painting than a drawing! That is the look I try to achieve, but others like the grainy look of a drawing, which is cool too, depending on what you're after.
My suggestions would be to experiment with different levels of pressure to see what you like best, and also experiment with layering colors to see how the colors change when new colors are added. By layering, you're opening up a whole new realm of color possibilities. In general it's best to layer from light to dark, although if you add a lighter color on top of a darker color, it can still sometimes change the hue, even if it's subtle.
If I think of any more tips, I'll post them here!
I'd be interested in what kind of paper you like to use with your colored pencils. I'm just starting to experiment with them.
@Thaneeya McArdle: Thank you so much for the tip Thaneeya! it's a really great tip and I'm sure it will help me improve. :)
@Carie Shields: I use regular sketch pad for my drawings. :)
I like Thaneeya's tips too. I also use colorless Prismacolor Blender Pencil. Once you get the colors on that you like, you just go over them with the blender (shaped just like a colored pencil) and it blends the colors together. It really only works well when you have a bunch of color on the paper. It makes it come out sort of shiny. You can look at the two colored pencil drawings I have on my page to see the "shine" part of it. You can also achieve that with the tips that Thaneeya gave, I believe. I'm new to this medium too, so not too sure.
I've been finding a prismacolor blender but I think it's not available in my country. Thanks for the info and tip about the blender, it really sounds great and I hope to find one soon. :))
I got mine from Amazon and they still carry them. I didn't find them in our small little art shop. So, you might have to order them from Amazon.com. Here is the link so you can see what I'm talking about. They are pretty inexpensive.