[JoshDoody]

I was interviewed for this article on the General Assembly blog, and it is a direct answer to your question:

How to (successfully) ask for a raise: https://generalassemb.ly/blog/how-to-successfully-ask-for-a-...

In your paragraph that starts with "How can I go about asking for a raise?", I think your plan is very good. Estimate your market value, adjust that market value for the specific value you add to your company (accounting for things like your statement that "...it'd still be cheaper for the company to give me a hefty raise rather than finding someone...") and make that your goal.

List the additional things you're doing to add value to the company since your current salary was set (you've basically already done this in your post here).

Find examples of praise that you've gotten from colleagues. Bundle that all up and there's your case for a raise. I recommend talking to your manager about it (requesting your raise in a 1-on-1), then following up with a written request via email so it can be circulated to the deciders.

That's about the best you can do as far as making a case for a raise. The real question is whether you'll go elsewhere if you determine that you're significantly under-paid and your company can't adjust your salary to reflect the value you add there. And of course that's something you'll have to determine on your own, but looking elsewhere (Google) is a good start.

Good luck!