The shift of the localized surface plasmon resonance (LSPR) spectrum is widely used in bio- and chemical sensing. Traditionally, the shift is monitored at the peak maximum of the extinction spectrum. We demonstrate that the inflection point at the long wavelength side of the peak maximum shows better refractive index sensitivity than the peak maximum. A consistent improvement in bulk refractive index sensitivity of 18-55% is observed for six different nanoparticles such as spherical particles of different sizes, nanostar and nanorods with different aspect ratios. Local refractive index changes induced by molecular adsorption confirm the superior performance of the method. We contribute this improvement in sensitivity to the change in shape of the LSPR peak in response to an increase of the local refractive index. We further illustrate the advantage of using the inflection point method for analyzing DNA adsorption on U-shaped metamaterials, and for using 17 nm spherical gold nanoparticles for detection of matrix metalloprotease 7 (MMP-7), a biomarker that is heavily up-regulated during certain cancers. With the inflection point, the limit of detection (LOD) for MMP-7 is improved to 0.094 μg/mL from 0.22 μg/mL. This improvement may facilitate early diagnosis of salivary and colorectal cancers. We also envision that this generic method can be employed to track minute optical responses in other analytical areas.