Like just about anything, a more detailed design and better-quality materials used will be reflected in the cost of the product but also produce better sound and results.
Materials
Better quality components equal better-quality sound and higher SPL, and so you get what you pay for. PA Speakers are usually enclosed within wood or plastic housing, with each material having pros and cons.
Materials like wood and ABS are often used for the sturdiness and support they provide. Moulded plastic housing is cheaper to manufacture, once the cost of the mould is amortized, and so this can often be reflected in the price of a PA speaker.
Different materials also produce varying tones, and some materials generally achieve better sound quality. Wood - plywood in particular - is more acoustically inert than plastic and this is ideal. This means it doesn't have the tendency to vibrate sympathetically with the sound coming from the drivers. This is why subwoofers are usually housed in wood, as you really don’t want any low-frequency resonance coming from the cabinet.
Speaker Size
Speaker size is very important as well. A bigger woofer means more bass response and a greater ability to handle high volumes without unwanted compression happening.
2 or 3-Way Design
2 or 3-Way design refers to the driver formation in the speaker. A 3-way design will often cost more, as it contains an extra driver. 3-way driver designs separate the frequencies better so that they're going through the right speaker, resulting in broader and more defined dispersion of frequencies and an overall better sound. For more info on this topic, check the Ultimate Guide further down!
DSP
DSP stands for Digital Signal Processing. In a PA speaker, DSP allows you to have options like EQ and compression on-hand. It also also allows you to program your settings into the speaker to recall for different venues and room sizes in advance so you're all set on arrival. This is a bit like an automated mixer or a guitar multi-FX processor which you would program before the gig, so that you're ready to go immediately when you turn up and plug in. We’ll cover DSP more later on in the Ultimate Guide.
Protection & Warranty
Some PA speakers come with built in protective features like limiters. A limiter controls how loud the speaker can go. This is a feature that is worth investing in, as it’ll give you the ability to prevent unwanted volume spikes that could blow your speaker.
Warranty is also a good indicator for how reliable a brand rates their product. A longer warranty gives confidence in the fact that it is a product that is built to last. If a warranty is over 5 years, for example, then this is a very good sign because it says that the speakers are designed to be used in a gigging environment which isn’t always gear-friendly.