A company is not going to pay more than they have to. So, are you easily replaceable at your current compensation package? Then they really have little incentive to pay you more than that. Okay, it is hard to hire, and it is hard to have somebody walk away, but as an employer we are already used to revolving doors, so you know, we'll try to keep you, but not try too hard. "I'm making $150K and think I am worth $220K". "okay, I'll hire somebody else at $150K".
Not saying that is the position you are in, but if you walk in to negotiate a raise you need to understand what your replacement cost is, not just how much value you contribute. If your contribution is worth $10M/year, but a replacement can be hired for $50K (exaggerating to make a point), don't expect an ask for $750K to be honored even if that is 'cheap' compared to the value you add.
If you are contributing at the level you say you are, you should be able to make a strong case ("replacing me will cost you 2x my current salary").