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.
Drag the ringtone to your iphone.
If you don t want to buy ringtones or use the ones that came with your iphone you can create your own with itunes.
Itunes will sync the ringtone to your phone.
Open itunes on the desktop to get started.
On your iphone open the settings menu.
Change your iphone ringtone to the one you made.
This process changed a bit with itunes 12 7.
Tap sounds then ringtone to see a list of all ringtones on your phone.
The tones library you could previously sync with your iphone has been removed but you can still manually place ringtone files on your phone.
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.
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.