Several months back, I designed this mascot for Surpass Hosting.
I kept his color scheme pretty basic, keeping him black and white like a real panda and adding a blue tie to go with the site design. The dark grey one on the right is the first iteration but I wasn't quite happy with it so I did one that was plain black with some lighter contour lines. I prefer the black one better but I showed both versions to the client just to give them a choice. They ultimately chose the dark grey one because they felt it matched better with the website.
These are some initial sketches that I did, just coming up with different designs. They preferred the cuter more classic look of the ones on top. So from there I did some more sketches working out the body shape and other details.