If you market your business online, chances are you've bought more than one domain name over the years. It's important to periodically review all your domains, even the old ones pointing to a microsite promotion you ran eons ago. If you don't, you may be losing out on traffic or money—or, even worse, you may be facilitating a brand catastrophe.

What's the worst that could happen?

1. Your website could go down

It's obvious that visitors can't access your website when your website goes down, but most people don't consider the "collateral damage" of letting a domain-name registration lapse: You stop receiving email.

If all email (and that includes business-critical email) communication has been severed, customers can't find the company phone number prominently displayed on your website, and so chances are your phone has stopped ringing, too.

If you have an e-commerce site, you'll have no orders coming in. Imagine if your domain were to expire on a Friday or while you were on an extended vacation!

Failure to spend 10 minutes and 10 bucks on a domain registration could result in hundreds or thousands of dollars in lost revenue and productivity—and compromise your reputation and that of your company.

2. Someone "steals" your customers

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Brant Kelsey is the principal and founder of Kelsey Advertising & Design LLC (www.kelseyads.com), a brand strategy firm specializing in digital touchpoints. Reach him at brant@kelseyads.com or on Twitter (@brant_kelsey).