Is it possible to mute an SMS contact?

Hi everyone! I know there’re some options to mute phone calls from contacts, some programs available for that. However, is there a method to mute a specific SMS contact? See, I do want SMS to have a notification sound, that’s ok; but many companies (and cellular providers of course) are tend to exploit my time/attention.

I’m not sure whether it is a ‘basic’ functionality or is it really just my need, but maybe there’s solution for SMS?
Thank you!