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 spent two weeks at No. 1 on the U.S. adult contemporary chart in April the same year.
Filipino singer Erik Santos also revived and covered the song as a duet with Marinel Santos in 2003 and it was used as the 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.
In October 2015, Filipino singer and actor Michael Pangilinan covered the song and it was used as the theme song of the movie Everyday I Love You.