Software industry is tough and competitive industry, It is not always easy to ask for hike or promotion unless you build the case for it.
Here are the some of the tips which I have provided on how to prepare ourselves for it
Do Home Work(Research)
First we need to do the relevant research on the field where you are working and for similar kind of roles and job responsibilities how much other companies are paying for similar roles
Build the Case
Based on your own research, your job is to write down all your accomplishments, contributions, and responsibilities that you have taken up , highlight the positive impact you have made to the organization with value that you brought to the table in $$$
Setup Meeting With your boss
Next step is schedule a meeting with your supervisor or manager or boss to discuss on your promotion and salary raise. Give enough time for your supervisor and manager for this meeting with right agenda for it
Ready to Accept Feedback
Ready to accept feedback as well from their perspective about you, come up with common agreed points as part of this meeting as well negotiating it, if required to setup follow meeting later point post working with the feedback points
By following these above steps, you can make a strong case for your value to the company and potentially secure a promotion and salary raise.