On the iphone 7 and iphone 7 plus you now have different options to set custom ringtones for each individual contact and set custom sounds for text messages as well.
How to make your own ringtone on iphone 7.
Tap sounds then ringtone to see a list of all ringtones on your phone.
Itunes will sync the ringtone to your phone.
Open itunes on the desktop to get started.
If you don t want to buy ringtones or use the ones that came with your iphone you can create your own with itunes.
To add the m4r ringtone file to your iphone connect your device to your computer using a lightning to usb cable then select the iphone icon in the upper left corner.
Drag the ringtone to your iphone.
This process changed a bit with itunes 12 7.
Ios makes it very easy to add and create custom ringtones for your contacts.
Drag and drop the file right onto the iphone icon on the left side of the screen.
On your iphone open the settings menu.
Choose the song you want to use to create a ringtone and click on it.
Change your iphone ringtone to the one you made.