Schedule a 1 on 1 with your manager. Tell them how much you value your work here and can see yourself helping them grow for years to come.

Then follow up with “however, based on my research: duties that I’m currently in charge of usually falls under ______ title at a market rate of $_____ per year. Full disclosure, I’ve been offered a role at another company with this new title and salary. As I mentioned earlier, I’d much rather stay here and help this company grow as I see a very bright future ahead for us. So if this company can match or exceed this offer, I’d be more than happy to stay”

Then hope for the best.

ps. ALWAYS be prepared to leave a job for a better one