1. Don't ask for a raise.
2. Make a list of your given responsibilities [those given to you by your company].
3. Decide today to start kicking those responsibilities asses; commence ass-kicking.
4. Make a list of your personal career goals. Where do you want to be next year? 3 years? 5 years? What are you focused on at those times?
5. Make a list of your current company's goals. What is important to them? At what are they trying to be the best?
6. Make a list of focus areas [that align with #5]; this list could be: (a) things that no one is currently focused on that could achieve company goals or (b) [if most reasonable things are focused on] look at how they are being approached, and list new ways to approach.
7. Begin to spend some time learning, creating strategies, and focusing on one or more of these things.
8. Start working harder, period. Get out of your comfort zone. Nothing hard was ever easy.
9. Do the things no one else wants to do.
10. Find something to be the go-to person for; be "the expert".
11. Start networking outside of your company. Build relationships in your field and your general areas of interest.
12. Bring outside resources into your company: for meetings & presentations. Many agencies and consultants would love to present capabilities for free.
13. Continue to focus on being productive and producing meaningful results for you and your company.
There you go. It's not that complicated: be the best you, that you can be. That's all you can do.
Notice $ was never really a part of this post. I didn't close with "now ask for money". That is because, if you do those things, and be the best you, that you can be, the money will find you.
"But I did all those things and my company doesn't care!"
Networking will naturally solve this problem. Maybe when you find something new, and your company realizes it can't let you go, you will get what you wish for. If not, you just simply found something new.
Also, if they don't care about hard-working, productive employees, then it's time to go anyway.
Maybe it comes in the form of a promotion, maybe in the form of new opportunity outside of the company, maybe in the form of a raise. Who knows. I assure you though, irreplaceability [made up word] is pretty valuable to any company, and hard-working productive employees are attractive candidates. And that is what I'm suggesting here.