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Bishop's recording peaked at No. 25 on the Billboard Hot 100 chart on May 7, 1983 and spent eight weeks in the top 40, becoming his final top 40 song to date. It also held two weeks at No. 1 on the U.S. Adult Contemporary chart in April the same year.
Filipino singer Erik Santos also covered the song as a duet with Marinel Santos in 2003 and it was used as the title theme song of the Philippine drama series, It Might Be You.
In 2013, the song appeared over the closing credits of the film The Pretty One, covered by K A R Y Y N and Julian Wass. The Pretty One shares with Tootsie the theme of a person assuming a different identity.