We report an experimental study of the elastic properties of a two-dimensional (2D) colloidal crystal subjected to light-induced substrate potentials. In agreement with recent theoretical predictions [H.H. von Gruenberg and J. Baumgartl, Phys. Rev. E 75, 051406 (2007)] the phonon band structure of such systems can be tuned depending on the symmetry and depth of the substrate potential. Calculations with binary crystals suggest that phononic band engineering can be also performed by variations of the pair potential and thus opens novel perspectives for the fabrication of phononic crystals with band gaps tunable by external fields.