I find that in practice, it's a lot easier to do steps 1 and 2, then simply take one of those offers to work someplace else. Your value as a developer increases so fast early in your career that you'll literally double your market rate during the course of your first job after college.

There's simply no way that you can convey to a company that they need to pay you twice as much as they did when they hired you 3 years ago. They simply won't believe it. Sadly, the only way is to demonstrate it for them by actually accepting a job somewhere else for twice the money.

The key is to remember that you're in this game for yourself first. It's nice to work for a good company with a good environment and a fun team, but at the end of the day it's not worth leaving tens of thousands of dollars on the table just to stay there.